Cedar Rapids Chapter 12 Bankruptcy
Chapter 12 bankruptcy is a special type of bankruptcy for farmers and fishermen. Because chapter 11 bankruptcy is designed for more traditional business models, certain business owners had trouble finding a way to use this type of debt reconciliation. Fortunately, in 1986, Chapter 12 was added to the Bankruptcy Code to suit the needs of this specific group of people.
If your farm or fishing business is struggling and you are considering bankruptcy, there are legal professionals that you can contact for help. The Cedar Rapids bankruptcy lawyers of Hong Law, PLC are available at (319) 294-5853 to review your situation and help you better understand your bankruptcy options. Call us anytime to find out more information about this topic.
What You Need to Know
Bankruptcy is designed to help people restructure their debts and find a way to get out from under overwhelming financial burdens. Farmers and other businesses have unique needs that may not be met by any type of bankruptcy aside from Chapter 12. The benefits of this kind of bankruptcy include the possibility of:
- Keeping the farm and fishery
- Rearranging payment plans with creditors
- Reducing the speed at which debts must be repaid
Chapter 12 bankruptcy is a helpful tool for those that are in need of financial support while they work to restructure their debts. If you feel that this may apply to you, do not hesitate to contact a bankruptcy professional.
At Hong Law, PLC, our team of Cedar Rapids bankruptcy lawyers can help you form a plan that suits the needs of your failing business. Contact our offices at (319) 294-5853 for more information on our services.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office