QUALIFICATIONS FOR CHAPTER 12 BANKRUPTCY:
To qualify for a Chapter 12, you must be an individual or married couple must be engaged in the farming or fishing operation in order to qualify. If a partnership or corporation is filing, a single family must own at least 50% of the stock or equity invested into the business.
- Business Requirements:
Farmers and fishermen operations that have a regular, annual income coming in are eligible for chapter 12. This can also apply to farmers and fishermen who make seasonal income that is stable and regular enough to pay off the debts.
- Income Requirements:
For commercial fishermen operations 80% of the income must come from fishing. For a farming business, 50% of the income must come from the farming business.
- Debt Amounts Eligible:
For the farming operations, debts cannot total more than $4,153,150 and for fishing operations the debts cannot total more than $1,924,550 (subject to change).
LET BANKRUPTCY LAWYER JOHN G. RHYNE HELP YOU!
When you are facing looming debt in your farming or fishing operation, enlist the help of John G. Rhyne! He is licensed to practice bankruptcy law in the state of North Carolina. He has represented bankruptcy clients all over Wilson, NC, Rocky Mount, NC, Greenville, NC, Tarboro, NC, Nashville, NC and surrounding communities.
CALL OUR OFFICE TO SCHEDULE A CONSULTATION WITH OUR ATTORNEY TODAY!