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Chapter 12 Bankruptcy

Hudson Valley Chapter 12 Bankruptcy Lawyer Advises Family Farmers and Fishermen

Newburgh firm works to establish sound repayment plans to deal with debt

Family farmers and fishers face the same economic pressures as people who work in other industries, but people who make their living off the land or the sea are affected by natural conditions beyond their control. Chapter 12 bankruptcy was established to help people in these fields overcome difficult financial circumstances and maintain access to the funds they need to keep their household solvent. At Michael D. Pinsky, P.C. in Newburgh, I help Hudson Valley clients eligible for this program learn about their options. Having practiced for more than three decades, I have a deep understanding of the relevant law and the specific circumstances that affect farms and fisheries in this area.

Knowledgeable advocate outlines the relief available to family farmers and fishermen

If you believe that you might qualify for Chapter 12 bankruptcy relief, I can outline the various aspects of the process during a free initial consultation, including:

  • Eligibility — This program is restricted to individuals and married couples who make at least half of their income from farming or fishing, and certain corporations and limited liability companies. Aside from the family home, at least 50 percent of a farmer’s debt or 80 percent of a fisher’s debt must be associated with their commercial operations.
  • Advantages — While Chapter 13 bankruptcy serves the purposes of debtors who are earning a steady wage and are mostly responsible for personal debts, families who support themselves through proprietary farming or fishing operations usually have larger obligations and cannot rely on a regular paycheck. Chapter 12 allows for more flexibility and can cover amounts suitable for family-owned farms and fisheries.
  • Process — With Chapter 12, as in other forms of bankruptcy, an automatic stay issues once the filing is completed, halting collection efforts. A trustee is appointed, and the debtor usually continues their farming or fishing operation. I work to craft a fair debt repayment plan that is submitted to the judge for approval. The plan typically lasts from three to five years and can include revised payment terms and partial forgiveness of obligations.
  • Standard and hardship debt discharges — A farmer or fisher who adheres to the repayment plan will have their nonexempt debts discharged once the term is completed. After examining your situation, I can explain if any of your existing obligations might not be included. There is also a provision for a hardship discharge when events outside the debtor’s control prevent him or her from abiding by the repayment terms.

Regardless of your particular debt concerns, I’ll give you prompt, honest counsel on whether Chapter 12 bankruptcy might ease your financial struggles. From there, my firm will press for the most favorable solution possible.

Contact a Hudson Valley lawyer for a free consultation regarding Chapter 12 bankruptcy

Michael D. Pinsky, P.C. represents clients throughout New York’s Hudson Valley in a full range of bankruptcy matters.  Please call 845-394-2616 or contact me online for a free initial consultation at my office in Newburgh.

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  • Newburgh Office
    372 Fullerton Avenue
    Suite 11
    Newburgh, New York 12550
    Phone: 845-245-6001