Bankruptcy Basics

Chapter 12 bankruptcy is debt relief for family farmers. It allows these farmers to reorganize their debts and save their farms and their way of life. But who qualifies as a “family farmer”?

In my Bankruptcy practice, I see people every day in the midst of a homeowner’s dilemma.  Try to save the house, walk away, file bankruptcy, do a modification, or what?  Most often, I spend time with them simply dispelling myths!

Here are seven of my favorites:

So, I’m sitting in my office discussing a prospective client’s financial situation and it is, indeed, grim.  So, the prospective client blurts out that, “it looks like I can’t afford bankruptcy.”