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.
During the last financial crisis, our law firm saw many clients seeking to file bankruptcy as the final liquidation of their businesses. However, if these clients had been able to undergo Chapter 11 reorganization toward the beginning of the financial crisis, the complete failure of their businesses may have been avoided.
Bankruptcy gives many people the opportunity for a financial fresh start. When you work with us, we review your financial situation, look at the options that are available and determine the course of action that best addresses your financial situation.
Bankruptcy can help you discharge certain debts and get a fresh start. However, not all debts are dischargeable in bankruptcy. Here is a brief overview of debts that are and are not dischargeable in bankruptcy.
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.
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.