Chapter 12 Bankruptcy Lawyer – Filing For Chapter 12 Bankruptcy
If you are considering filing for bankruptcy protection, it is best to seek the counsel of a bankruptcy attorney. Chapter 12 bankruptcy is very similar to Chapter 7 or Chapter 13, without a means test: The debtor must file the appropriate forms with the courts. Once filed, the debtor is granted protection from personal liability to the debtors creditors. Chapter 12 protects the debtor from personal lawsuits against those who may have contributed financially to the debtor. Chapter 12 does not require that the debtor repay debts directly; however, once discharged, creditors are not released from their liens. Checkout Chapter 12 Bankruptcy Lawyer serving Jacksonville.
To begin the process of chapter 12 bankruptcy, the debtor may hire an attorney; however, prior to filing, the attorney must file a petition with the courts. The petition must state the assets, debts, wages, and other information necessary to begin the liquidation process. The petition must be filed with the courts within three months of the debtor’s separation or discharge. The attorney must also provide documentation detailing all debts that are protected by chapters 12 and must file a proof of claim with the court within three months after the date of the petition.
Chapter 12 bankruptcy lawyers can help the client file for protection under this law from a family farmers’ standpoint. Chapter 12 protects the family farmers from being able to physically take care of their livestock. Livestock losses may be covered when filing a petition under the appropriate section of the law. This protects the financial hardships of the farmer’s family. Although the laws may seem harsh, many family farmers have been able to recover from their financial difficulties due to the assistance of local Chapter 12 bankruptcy lawyers.
Gillespie & Murphy, P.A
200 Valencia Drive, Suite 119, Jacksonville, NC, 28546