Bankruptcy Attorney in Jackson, Mississippi

Are you a family farmer or fisherman who is struggling to repay your debts? Chapter 12 of the Bankruptcy Code can provide debt relief for you. This type of bankruptcy allows you to repay your creditors over time from future earnings, and can provide some debt relief. However, it’s important to understand that this process can be complex and challenging, and it’s often best to work with an experienced Mississippi Chapter 12 bankruptcy attorney.

Chapter 12 of the Bankruptcy Code is often called the “family farmer” or “family fisherman” bankruptcy. It enables financially distressed family farmers and fishermen to repay their creditors over time from future earnings, and provides certain debt relief for these individuals. The goals of Chapter 12 are to enable the debtor to repay creditors from future earnings and to relieve the financial pressure that led to the filing, while allowing the debtor to continue farming or fishing.

At Rollins Law Firm, our bankruptcy legal team has decades of experience handling Chapter 12 bankruptcy cases for clients in Jackson, Mississippi and the surrounding areas. We understand the ins and outs of the process, and we can help you navigate the challenges you may face. Contact us today to schedule a consultation. 

GET MY FREE CONSULTATION!
Rollins Law Firm Mississippi Bankruptcy Lawyer

Ask a question or request a free consultation.

Rollins Law Firm Mississippi Bankruptcy Lawyer

601-202-3942

Why Do I Need a Chapter 12 Bankruptcy Attorney in Mississippi?

Mississippi chapter 12 bankruptcy attorney

When it comes to finding a Jackson bankruptcy attorney who possesses all the qualities you’re looking for, Rollins Law Firm is the clear choice. With decades of experience and a proven track record of success, our Chapter 12 bankruptcy attorneys have the knowledge and skill to get the best possible outcome in your case. Located in Jackson, Mississippi, we are dedicated to serving our clients and fighting for their rights. We understand the stress and anxiety that can come with financial difficulties, and we’re here to help you every step of the way. If you’re considering filing for Chapter 12 bankruptcy, contact Rollins Law Firm today. We’ll review your case and help you choose the best course of action. 

GET HELP FILING CHAPTER 12 BANKRUPTCY

How Chapter 12 Bankruptcy Can Help You Keep Your Property and Reorganize Your Debt

Chapter 12 bankruptcy can help you keep your property and reorganize your debt by allowing you to develop a repayment plan to repay your creditors over a three- to five-year period. This can give you some breathing room to get back on your feet financially and can help you keep your property.

How Chapter 12 Works

A Chapter 12 case begins when the debtor files a voluntary petition for relief. Most Chapter 12 debtors also file a “plan” with their petition. The plan sets forth how the debtor intends to repay creditors over a three- to five-year period.

The Repayment Plan

After the paperwork has been filed, a meeting of creditors is held. This provides an opportunity for creditors to object to the proposed repayment plan. If there are no objections, or if any objections are resolved, the bankruptcy court will confirm the repayment plan.

Under Chapter 12, debtors propose a plan to pay creditors over three to five years. Three years is the minimum plan period in Chapter 12 unless the debtor can pay all amounts owed sooner. The plan period can be extended to five years with court approval. The plan period must be five years if the debtor owes domestic support obligations (child support or alimony) that he or she does not pay in full sooner.

Confirmation of the Chapter 12 Plan

Chapter 12 plans are subject to bankruptcy court approval, or “confirmation.” The hearing on confirmation is supposed to be held within 45 days of the date of filing, but it can be postponed for good cause.

To confirm a Chapter 12 plan, the court must find that:

  • The debtor is eligible for Chapter 12 relief;
  • The debtor’s plan complies with the requirements of the Bankruptcy Code
  • Confirmation of the plan is in the best interests of creditors and is not likely to be followed by liquidation or further reorganization.

Creditors are entitled to vote on the debtor’s plan. To be confirmed over the objections of creditors, a debtor’s plan must satisfy one of two tests: The so-called “best interests” test or the “feasibility” test.

  • Under the best interests test, confirmation is appropriate if unsecured creditors would receive at least as much from the debtor’s plan as they would if the debtor were liquidated under Chapter 7.
  • Under the feasibility test, confirmation is appropriate if the debtor’s plan appears likely to succeed. The court must find that the debtor can make all payments required by the plan and still maintain a reasonable standard of living.

If a Chapter 12 debtor’s plan is confirmed, he or she must make payments to the trustee as required by the plan. The trustee then pays creditors in accordance with the terms of the plan.

Chapter 12 plans typically provide for payments to unsecured creditors of less than full payment and stretched out over three to five years. Secured creditors are paid in full (or over a longer period of time, if the debtor so elects).

Chapter 12 also provides for “automatic stays.” The automatic stay protects debtors from creditors who may try to collect their debts outside of bankruptcy court. The stay goes into effect when the Chapter 12 petition is filed and remains in effect until the case is closed, dismissed, or converted to another chapter.

If the debtor successfully completes all payments required under the plan, he or she will be discharged from most remaining debts. 

The Eligibility for Chapter 12 Bankruptcy

Chapter 12 of the bankruptcy code is reserved for family farmers and fishermen. In order to be eligible to file for Chapter 12 bankruptcy, the debtor must:

  1. Be engaged in a farming or commercial fishing operation;
  2. Have total debts not more than $11,097,350 if they are farmers or $2,268,550 if they are fishermen (for cases filed between April 1, 2022, and March 31, 2025);
  3. Owe 50% or more of their total debts on account of farming operations or 80% or more of their total debts on account of commercial fishing operations (in both cases excluding home mortgages); and
  4. Derive over 50% of their gross income from farming or commercial fishing operations.

If the debtor is a family partnership or corporation, additional restrictions apply. Partnerships and corporations cannot file for Chapter 12 bankruptcy unless a single family owns more than 50% of their stock or equity interests.

The Pros and Cons of Choosing Chapter 12 bankruptcy

Pros

Chapter 12 bankruptcy provides many benefits for farmers and fishermen who are facing financial distress. The automatic stay that goes into effect upon filing can stop all collection actions against the debtor or the debtor’s property, giving the debtor some much-needed breathing room or bankruptcy reflief. In addition, the debtor is able to repay creditors over time from future earnings, and may receive certain debt relief.

A key advantage of Chapter 12 over Chapter 7 is that it allows farmers and fishermen to keep their operations going while they repay their creditors. Chapter 12 also has certain procedural advantages over other chapters, such as a longer period of time to file a plan and easier procedures for modifying the plan if circumstances change.

Cons

The cons of choosing Chapter 12 bankruptcy include the fact that it is a more complex process than other types of bankruptcy, such as Chapter 7. As a result, it can be more expensive to file for Chapter 12 bankruptcy. 

Additionally, if you do not make the required payments under the repayment plan, your case can be dismissed and you will not receive a discharge of your debts.

Like other chapters, however, Chapter 12 has its drawbacks. One is that it is only available to farmers and fishermen with regular annual income. Another is that confirmation of the plan requires approval by both the debtor’s creditors and the bankruptcy court. This can be a difficult hurdle to clear, especially if the debtor’s creditors are not cooperative.

As with other bankruptcy chapters, certain debts are not discharged in a chapter 12 bankruptcy, including child support and alimony obligations; debts for willful and malicious injury to person or property; certain taxes; certain student loans; and debts incurred through fraud or false pretenses.

The Costs Associated with Filing for Chapter 12 Bankruptcy

The costs associated with filing for Chapter 12 bankruptcy include the filing fee and the cost of hiring an attorney to assist you with the process. If you are unable to pay the filing fee in full, you may be able to file a motion to have the fee waived or deferred.

You will also need to pay a chapter 12 trustee for their services in administering your repayment plan. The trustee’s fees are typically a percentage of the payments made under the plan and are paid out of those payments.

Chapter 12 plans typically provide for payments to unsecured creditors of less than the full amount of their claims. However, priority creditors (such as taxes and child support) must be paid in full under the plan.

Call our Bankruptcy Attorney Now!

The Rollins Law Firm is an experienced bankruptcy attorney in Jackson, Mississippi. We have helped many farmers and fishermen successfully file for bankruptcy cases under Chapter 12 bankruptcy. However, it is important to understand all of the requirements of this chapter before filing. An experienced  bankruptcy lawyer can help you determine whether Chapter 12 is right for your particular circumstances. Contact the Rollins Law Firm today to schedule a consultation with a Mississippi Chapter 12 bankruptcy attorney. 

GET HELP FILING CHAPTER 12 BANKRUPTCY

Learn more about how filing for bankruptcy can help you.

Give us a call to schedule your appointment

GET YOUR FREE CONSULTATION

Testimonials

Rollins Law Firm has gave me hope during a dark time

I was searching the web for information in on filing bankruptcy and discovered Rollins Law Firm. My situation was so uncertain and overwhelming but after consulting with Grayson, Jennifer, and Alex at Rollins Law Firm has gave me hope during a dark time. I am grateful for the help that I received and recommend Rollins Law Firm to anyone that is having difficulty with debt and don’t know where to start. There is a rainbow at the end of every tunnel. 🌈🌈❤️❤️

Courtney Crawford

The Rollins firm went above and beyond helping me

The Rollins firm went above and beyond helping me with my situation during the on going covid 19 crisis.

Owens Booker

Rollins law firm made it easy and less stressful!!!

Some of the nicest people I’ve met. Very patient, kind, and helpful. They helped me through a very difficult situation. Filing bankruptcy is very challenging and the people at Rollins law firm made it easy and less stressful!!! I thank you guys so much for all of your help through this difficult situation!! I will recommend this firm to anyone considering bankruptcy!!

Stephanie Harris

They answered all my questions and didn’t make me feel stupid for asking them

This firm is amazing Mr. Rollins, Alex, Grayson, Jessica, and the whole crew. They answered all my questions and didn’t make me feel stupid for asking them. I met with a couple of attorneys about my situation and none of them came close to being as thorough as Mr. Rollins, save yourself the time and effort, no need to call a thousand attorneys, choose the Rollins law firm and get your financial life back.

Jonathon W

I had a wonderful experience

I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there.

Lashay H

They made the process so easy to complete

The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete.

Vinester Smith

Definitely give this place your business, you wont regret it!

I used this firm in April and was blown away by how simple they helped to make the process for me. Every question I had, no matter how repetitive it was, they answered. I worked with Jessica a lot and she was amazing. Very patient and knowledgeable! If i could give them more stars I would. Definitely give this place your business, you wont regret it!

Natalia Ramsey

The Rollins Law Firm has made filing for bankruptcy very easy and understandable for me and my husband

The Rollins Law Firm has made filing for bankruptcy very easy and understandable for me and my husband. We are young and clueless about a lot, so having them walk us through literally everything has been great! The staff is wonderful and very responsive. We have never waited long for a call, text, or email back. We want to thank Breanne, Alex, Grayson, and Mr Rollins himself for such a positive experience. Of course, bankruptcy isn’t a good thing but when it’s your only option, this is the firm you want to use! It’s been affordable and quick. We are super pleased with the experience from the time we first called their office til today after filing with them!

Rebecca Harvey

Helped me through a very stressful time.

Helped me through a very stressful time. Mr. Rollins and his staff have been very nice and professional. They are always very quick to respond to any questions I may have. I would recommend Rollins Law Firm to anyone.

Kim Ainsworth

Relieve your financial worries and get you back on the right track!

My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles.

Mike Zegelien

Fast response and professional advice

Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone

Bryan Aust

Rollins Law Firm was there every step and explained it all in a way that was easy to understand

This process is a hard decision to make.  Rollins Law Firm was there every step and explained it all in a way that was easy to understand.  They answered my questions, sent me emails and text messages with information and appointment reminders.  There were some videos and a booklet that was very very informational and helpful to me.

Lauren Primeaux

They are the most respectful people

They are the most respectful people. They are about their business. I couldn’t have chosen a better Law Firm! I would refer them to anyone! Job well done

Beverly Wilson

I’m feeling a lot better about my financial future and thankful for all their help.

I went into Mr. Rollins’ law firm not knowing what to expect. After my first meeting with his team, I knew I made the right decision to contact his office. Everyone was knowledgeable and very willing to answer any questions and prompt with their responses. I’m feeling a lot better about my financial future and thankful for all their help.

Dawn Barfield