There is Help for Agri-business Facing Severe Financial Stress or Bankruptcy in Hawaii

Facing financial difficulty can be one of the most stressful experiences of a family’s life, especially for people who have made their living by the sweat of their brow. But for many families and individuals who make their living by farming or fishing in the State of Hawaii, there is the saving grace of Chapter 12 Bankruptcy. Chapter 12 allows family farms and fishermen and women to both restructure and reduce their debt so that, as a business, they will be viable into the future.

A central part of this form of bankruptcy filing is a debt adjustment plan, which functions as a short and long term business plan that is performed under the protection of federal law. Similar to Chapter 11 and Chapter 13, the debtor files the plan. The plan indicates to the bankruptcy court, the trustee and the creditors a plan that contains a detailed description of how the farm intends to continue operating while under court protection and then after you have been discharged.

For most farmers and fishers facing bankruptcy, Chapter 12 can be your best option. By demonstrating to the courts and your creditors that you have a plan for staying viable, you can save your farm, your business, your livelihood, your assets and your home. Contact an experienced Hawaii bankruptcy attorney to help your agri-business carry out filing for Chapter 12 bankruptcy today.