Family farm files for Chapter 7 bankruptcy

On behalf of The Rollins Law Firm posted in Chapter 7 on Wednesday, January 16, 2013.

Financial hardships such as medical expenses, job loss and increases in the cost of living are common reasons for declaring a Chapter 7 bankruptcy. This type of bankruptcy allows most people to retain the majority of their property. Readers in Jackson, Mississippi, will be interested in the following account of a farm owner filing for Chapter 7 bankruptcy.

The owner of a farm in another state has filed for Chapter 7 bankruptcy, citing financial problems due to crop damage. This business is a Community Supported Agriculture farm that has been in operation for 61 years. The owner made it clear that his family would find a way to continue farming.

The farm closed in December 2012, resulting in the dismissal of more than 50 employees. The coordinator for the farm's CSA membership confirmed on Jan. 5 that the farm had ceased all operations.

The bankruptcy was filed on Dec. 28, and the paperwork showed the farm's liabilities to be between $1 million and $10 million, with assets of between $500,001 and $1 million. The filing also estimated that the farm had between 200 and 999 creditors. The farm is required to provide a statement of its financial affairs by Jan. 11.

While this farm is not in Mississippi, its reasons for filing bankruptcy could easily face farmers in our state. Those filing for Chapter 7 bankruptcy should know that it eliminates unsecured debt such as medical bills and credit card debt. Debtors in these cases also have the option of retaining property by paying the past due and current balance on secured debt.

Source: The Coloradoan, "Grant Family Farms closes, files for bankruptcy," David Young, Jan. 5, 2013

Client Reviews
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.
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.
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.
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.