After a year of lower commodity prices, extreme weather, and ongoing trade tensions in world markets, much needed debt relief can be available to family farms through Chapter 12 bankruptcy.
According to the United States Courts, Chapter 12 is designed for “family farmers” or “family fishermen” with “regular annual income.” It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
The National Agricultural Law Center will host a webinar providing an introduction to Chapter 12 Bankruptcy, featuring the Chapter 12 Standing Trustee for the Eastern and Western Districts of Arkansas, Renee Williams. Williams will discuss eligibility requirements, advantages and uses of a plan to make changes in the farming operation.
The webinar will be Wednesday, Oct. 16 at noon EDT/ 11 a.m. CDT. There is no cost to attend the webinar.
“With the difficult year producers have had, it’s important we address Chapter 12 bankruptcy and keep resources available,” said Harrison Pittman, Director of the NALC.
“The relief provided in Chapter 12 of the United States Bankruptcy Code is something all family farmers and family fishermen should be aware of,” Williams said. “This section of the code provides family farmers and family fishermen the ability to reorganize their debts helping them weather difficult economic times and continue their way of life.”
Those interested can register for the webinar here.