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By
David F. Mills
on
May 24, 2019

The U.S. Bankruptcy Code recently evolved, and this time it’s positive news for family farms. Chapter 12, the portion of the Bankruptcy Code dedicated to the bankruptcy of agricultural businesses, has been amended to increase the qualifying debt ceiling from $4.1 million to $10 million - a jump that will help scores of family farms who were previously ineligible to seek bankruptcy as a debt relief option.

10 myths about personal bankruptcy

Questions about bankruptcy? Download our helpful bankruptcy infographic using this form.

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Based on your assets, liabilities, income and your objectives, we’ll help you decide whether bankruptcy is right for you and, if so, what type (or chapter) of bankruptcy will most help you.

If you’ve been making a lot of late payments, or not paying some debts at all, then your credit score has probably already taken a hit, and there’s likely nowhere to go from here but “up.”

If you are a farmer facing financial difficulties, there are things that you can do proactively to get a handle on your financial situation. An attorney experienced in agricultural finance issues can help. To get a head start, ask yourself these questions.

After learning about the costs involved, you may wonder “Can I afford to file bankruptcy?” In a good number of cases where bankruptcy is appropriate, the answer is “yes.”

This tax season, the Internal Revenue Service and state revenue departments are bracing for fraudulent refund requests filed by identity thieves. Read more about steps the IRS is taking here.

United States Attorney Thomas G. Walker announced that today in federal court, Chief United States District Judge James C. Dever III sentenced DONALD Wayne MANGUM , 52, of Fuquay-Varina to 24 months imprisonment, followed by 3 years of supervised release, and ordered him to pay $101,675.00 in restitution.

Campbell Law Dean J. Rich Leonard announced today that David F. Mills has been tapped to lead the Stubbs Bankruptcy Clinic effective December 1.

If you have been reading about filing bankruptcy lately, you have probably read a lot about “no money down” bankruptcies, promising to get you the help you need at no cost. It sounds great, but before you commit, you need to make sure you understand what you are getting into, and exactly what you are getting.

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