For most laypeople, the term ‘bankruptcy’ brings to mind images of big business. Rarely is bankruptcy considered in relation to our local family farmers and family fishermen. Just because it isn’t the standard stereotype, however, doesn’t mean it’s irrelevant to these particular family businesses that operate outside of the traditional business scene. Chapter 12 bankruptcy
Bankruptcy is, at its core, a tool for individuals in need of financial relief. Selecting the right tool for the job, however, is more complicated than it looks. The specific types of bankruptcy chapters were designed to best suit various financial situations. Depending on your financial status, career, and asset portfolio, you might consider Chapter
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
Many farming or fishing operations face difficulties year-round, often from the financial conditions that have worsened over the last few years. Low farming and fishing commodity prices and volatile weather conditions have become major challenges, especially for family-owned operations. Due to these problems and more, the rate of family farmer and fisher bankruptcies has gradually
Of the eight American Midwest states, over 127 million acres are made up of agricultural land that, just twelve years ago, generated a market value of over $80 billion annually. That value steadily declined from 2013 to today. Meanwhile, farm bankruptcies climbed to their greatest peak since the 2009 economic crash, with total Midwest cases
As we continue to move through recovery from the peak of coronavirus outbreaks, farmers are still facing the same financial troubles they have had since the establishment of the Family Farmer Relief Act of 2019. For family farmers and fishers, this act expanded the eligibility and debt limits for Chapter 12 bankruptcy cases, a chapter
For many reasons, farmers across the United States frequently struggle financially. Not only is it difficult, especially given our country’s current economic difficulties, to generate a profit from a family-owned farm, but also American farms often incur much debt from the purchase of equipment and the payment of property taxes. Fortunately, the government is aware
As we continue to move through the devastation of the novel coronavirus outbreak, more and more public gatherings and store fronts are closing down operations. While there are many business owners severely affected by this outbreak, farmers and fishers might be looking at even more long-term negative effects than any type of retail operations. The
As we continue to move through the devastation of the novel coronavirus outbreak, more and more public gatherings and store fronts are closing down operations. While there are many business owners severely affected by this outbreak, farmers and fishers might be looking at even more long-term negative effects than any type of retail operations.
Farming as a profession has experienced more drastic changes to economic standing in the U.S. during the past 50 years than almost any other types of industry. In the 1970s, farming in Minnesota and across the U.S. was reaching an all-time high, with the value of land meeting higher heights than ever before. Export of
