Chapter 12 Bankruptcy Attorney In Tucson, Arizona
What is Chapter 12 bankruptcy and who can file for it?
Chapter 12 bankruptcy is very interesting in that it applies to really only farms. If your main source of income is farming, then you qualify to file a Chapter 12 if you need to.
It is a very small section of the code which allows you greater flexibility to do different types of things that you may not be able to do in Chapter 11, Chapter 13, or Chapter 7. In other words, it allows you to become a more innovative lawyer and not very many people have done Chapter 12. Chapter 12’s just apply to farms and I’ve done a number of Chapter 12’s and had very good success with them.
There are certain concerns that you have to be aware of in a Chapter 12 versus other kinds of cases. In Chapter 12, big part of whether the Chapter 12 will be successful and be able to reorganize, is, where do they get the water? Is it well water? Is it leased water? What type of product are they growing? Are they growing alfalfa? Are they growing corn? What is the market like for what they’re growing? These are all very important things.
Does a Chapter 12 bankruptcy dissolve the debt immediately?
No. A Chapter 12 bankruptcy is really a reorganization like a Chapter 11 and /or 13. You’re just allowed a greater amount of flexibility and there’s not so many rules that apply to a Chapter 12 as there would be a Chapter 11. Eventually, you will cut down much of the debt, however, you will have to pay at least some back to the creditors.
How is an attorney able to help with a Chapter 12 bankruptcy?
A Chapter 12 bankruptcy is very complex. A bankruptcy attorney can help guide you through reorganization, dealing with the banks, dealing with the Chapter 12 trustee, and handling the various complex issues that arise in Chapter 12 bankruptcy.
Why choose your firm to represent someone in a Chapter 12 bankruptcy case?
Not many firms have done Chapter 12 bankruptcies and my firm is one of the few that has handled Chapter 12 bankruptcies in and around the Arizona area. I I have had had success with the various Chapter 12’s that I’ve done and I have a lot of bankruptcy experience. There are many lawyers who have never even done a Chapter 12 bankruptcy. A lot of lawyers are scared to do a Chapter 12. I enjoy the challenge of something different and new.