Midwest farmers are filing for Chapter 12 bankruptcy protection at the highest levels seen in 10 years. The Seventh Circuit Court of Appeals, which includes Illinois, had double the bankruptcies in 2018 compared to 2008, many of which had some tie to U.S. farm products - big business in Midwestern states. With prices down, competition up, and trade disputes sparking retaliatory tariffs in the overseas marketplace, the financial difficulties farmers face every day have gotten worse. U.S. farm … [Read more...]
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Illinois Chapter 12 Bankruptcy
Chapter 12 bankruptcy is a form of bankruptcy law specifically designed to protect family farmers and fishermen and is very similar to Chapter 13. Chapter 12 has a limited application, however, as only family farmers or fisherman with "regular annual income" may seek protection. Seasonal income is sometimes allowed if a debtor can demonstrate an ability to make regular payments. Individuals, corporations and partnerships are eligible to file Chapter 12 bankruptcy if they meet certain criteria … [Read more...]
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