Whether people like it or not, money is extremely important in today’s time. Everything from entertainment to necessities costs money. If you find yourself running out of money and taking out loans that you can’t pay back, you might run into trouble. Nobody wants to find himself or herself bankrupt. Thankfully, there are bankruptcy lawyers who can help you in these times of need. Bankruptcy lawyers can help a large variety of people, no matter what your profession is. There are many different chapters of bankruptcy that the lawyer will go over with you to determine which plan is best for you. For instance, if you are a farmer or a fisherman, a Chapter 12 bankruptcy lawyer might be able to help you.
What Is Chapter 12 Bankruptcy?
As the Chapter 12 bankruptcy lawyer in Salem, OR will explain to you, Chapter 12 bankruptcy is designed to help family farmers and family fishermen restructure finances to avoid foreclosure. Farmers and fishermen often do not have a steady yearly income. Their income is typically seasonal, such as when their products are ready to sell. This can create a situation where the farmers or fishermen do not have the income to support themselves and will have to take out loans. In some cases, they will not be able to pay back those loans. This is where a Chapter 12 bankruptcy lawyer can help out.
What Can a Lawyer Do?
The lawyer will first evaluate your situation to determine if Chapter 12 bankruptcy is right for you. There are a few requirements that you must meet to become eligible to file for Chapter 12 bankruptcy, such as being a farmer or a commercial fisherman and who or what your debts are owed to. The lawyer will then discuss the repayment plan with you. The repayment plan is exactly what it appears to be: a set plan to repay your debts. The lawyer will go over the details and fine-tuning of your repayment plan with you so that you can get back on your feet as soon as possible. For more information on what a Chapter 12 bankruptcy lawyer can do for you, visit the website to learn more.