Bankruptcy Basics

If you are a farmer (or make your living by fishing), you should know about Chapter 12 of the U.S. Bankruptcy Code. Also called Farm Bankruptcy, Chapter 12 is debt relief for family farmers, allowing them to save their farms by reorganizing their debts.

Bankruptcy’s Automatic Stay is an extremely powerful tool that protects you from debt collection during a case, though you can lose that protection under certain circumstances.  But first, what is the automatic stay and how do you get it?

There are many reasons to file bankruptcy. Here are five reasons NOT to file: