Maintaining a farm in a time of imports and automation can be a complex and financially stressful venture in the Worthington, MN area. But Minnesota values its farmers, and Behm Law Group is no exception. With the support of our lawyers, struggling local farms can start their journey towards financial recovery with Chapter 12 bankruptcy and continue to share in the bounty of our state for years to come.
Farming is an unpredictable profession, and few other professions are so utterly left to the whims of nature. Irregular weather patterns can impact crop yields, illnesses may leave cattle or other livestock under-producing, and market prices can spike and drop with little warning. Even a consistently effective and productive farming family can find themselves in need of financial recovery at what may feel like a moment’s notice. In these situations, it’s important to remember that legal options exist that will help you forge a path forward.
Chapter 12 Bankruptcy
U.S. bankruptcy law has concessions built in to provide relief for farmers caught in a tough spot. Chapter 12 Bankruptcy is one such concession. In order to make payments on any money owed, bankruptcy hits the pause button on your debts and gives you an opportunity to reorganize your income and debts. Reorganization under Chapter 12 bankruptcy generally gives you three to five years of structured repayment, so you can spread out any debts into manageable monthly payments instead of existing overwhelming loan terms.
Chapter 12 Bankruptcy for Farms
At Behm Law Group, our financial recovery law professionals can help guide you and your family through a farm recovery program. We’ll work closely with you to create a comprehensive and customized plan. Bankruptcy doesn’t have to feel like a losing game, and with our lawyers on your side, we can help you find your farm’s financial solutions.
Farmers in the Worthington, MN area interested in learning more about Chapter 12 bankruptcy or looking for avenues for financial recovery can contact Behm Law Group at (507) 387-7200 or our website. Call today to discuss bankruptcy options and start making a plan that allows you to keep your farm, keep production going, and keep contributing to Minnesota at large.