COVID UPDATE

This firm is now able to have all meetings necessary to file a bankruptcy case by telephone or video chat via Skype or Zoom.  Documents can be signed electronically, and filed upon the electronic signature with the originals mailed to the office by postal mail later.  Court hearings before judges are almost always held by telephone until the emergency is over, and meetings of creditors set before April 10 are continued, ones set after April 10 are tentatively being scheduled but procedures may change to do these by video or telephone.

   

The firm remains open to serve your needs while keeping everyone safe.


813-870-3100 | 506 N. Armenia Ave. Tampa FL 33609

Michael Barnett, PA
506 N. Armenia Ave. Tampa FL 33609 | 813-870-3100

 

Chapter 12 Bankruptcy:

Farm Ranch Fisherman Reorganization

Chapter 12, or Farm Bankruptcy is a cross between Chapter 11 and Chapter 13 bankruptcy cases.

 

Chapter 12 is limited to farmers or fishermen.

 

Farming includes tillage of soil, dairy farming, raising of crops, poultry or livestock.

 

Generally approximately half of the non-homestead debt and at least half of the income should come from such farming or fishing operations.

 

Individuals or corporations can file chapter 12.

 

The primary advantage of Chapter 12 is more flexibility than Chapter 13, and less expense than a Chapter 11 case.

 

Like Chapter 13, farm bankruptcy cases do not require a vote of creditors, and do not require monthly fees to the US Trustee's office.

 

Unlike Chapter 13, there is much more flexibility in modifying mortgages in chapter 12, including rewriting the mortgage for a term over 5 years with modification of the balance owed and the interest rate.

 

Also there is more flexibility in payments in Chapter 12. Chapter 12 anticipates that many farmers will have annual payments rather than monthly payments. There is also a provision specifically providing that the payment schedule should still leave funds available at the end of the bankruptcy to finance the next year's operations.

 

Very few Chapter 12 bankruptcies are filed in the Tampa Division of the court, (none in 2012).

 

Despite that this firm has substantial experience in filing Chapter 12 cases, having filed a total of 7 Chapter 12 cases for debtors, and representing a creditor in another Chapter 12 case. Of these 7 cases filed, only one was dismissed, an exceptionally high success rate for these cases.

 

While there are a few attorneys trying to learn Chapter 12 now, Mr. Barnett has substantial expertise in this specialized type of bankruptcy.

 

Over 25 Years in Florida

Serving Hillsborough and Pasco County Florida for Over 25 Years!

Michael Barnett has provided his services in and around Tampa, Florida covering Hillsborough, Pasco and Polk County for over 20 years.

Board Certified

Mr. Barnett is board certified by the American Board of Certification in consumer bankruptcy law, and has been board certified since January 1993.

BBB Accredited

The BBB has determined that this business meets accreditation standards.