
Jupiter Chapter 12 Bankruptcy Attorney
If you are a farmer, fisherman, or fish farm owner, there is a special bankruptcy designed just for you. Chapter 12 is a highly specialized area of law that requires hands on experience.
Julianne Frank has handled many Chapter 12 cases all over the state of Florida, and has successfully reorganized every Chapter 12 business she has undertaken.
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Julianne Frank is a friend and a brilliant attorney.- Johan K.
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EXCELLENT!!!- Karolina K.
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The case I referred to Julianne was complex and required considerable expertise.- Cecil H.
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It was the smoothest process and Julianne has been doing this for 4 decades so she is the only choice when it comes to this matter.- Michael B.
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. The future is bright and I am again able to look ahead to retirement. The decision to file was the right one for me.- Paul R.
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She knows how to comfort people with her expertise in dealing with difficult situations.- Peter C.
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When you face one of the most challenging and devastating times of your life that is not the time to compromise.- Ginie M.
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Should you ever find the need for her services I would highly recommend her.- William P.
What Is Chapter 12 Bankruptcy?
Chapter 12 is a category of bankruptcy that applies specifically to farms and fisheries. Chapter 12 allows proprietors of farms and fisheries to reorganize their finances and debts while still maintaining ownership of their assets.
Generally, debtors will work with a bankruptcy trustee and creditors to craft payment programs based on their current financial obligations. The repayment programs can last between 3-5 years.
What Are the Requirements for Filing Chapter 12 Bankruptcy?
Two types of farming operations qualify for Chapter 12 bankruptcy – individual operations and corporation or partnerships.
Seeking help with Chapter 12 bankruptcy in Jupiter, FL? Schedule an appointment with our experienced attorney Julianne Frank at (561) 220-2528 or contact us online for more information.
Individual Operations Requirements
An individual or married couple with a farming or commercial fishing operation and regular annual income may file for Chapter 12 and must have:
- Total debts that do not exceed $4,153,150 for a farmer and $1,924,550 for a fisherman
- At least 50% of their debts be from the farming operation (for a family farmer)
- At least 80% of their debts be from the fishing operation (for a family fisherman)
- More than 50% of their gross income be from the farming or fishing operation for the prior tax year
Corporation or Partnerships Requirements
A corporation or partnership may also qualify as a family farmer or fisherman eligible for Chapter 12 if they meet the following requirements:
- More than half of the stock must be owned by one family and its relatives, and they must actively conduct business operations
- More than 80% of the company's value must be tied to its farming or fishing operations
- Total debt limits and percentages are the same as for individual farmers and fishermen
- The corporation does not issue publicly traded stock
Note that regardless of whether the filer is an individual, corporation, or partnership, they must:
- Not have willfully failed to appear in court
- Comply with court orders
- Or have been voluntarily dismissed after creditors sought payment via bankruptcy court within the last 180 days
Filing individuals must also have received credit counseling from an approved agency within 180 days before filing.
How Does Chapter 12 Bankruptcy Work?
Chapter 12 bankruptcy follows the same process as other bankruptcies. The process begins when a farmer or fisherman files a petition, and meetings will then be held with creditors under court supervision, where business assets will be measured and may be used to repay the outstanding debt.
During the meeting, a trustee appointed by the court may ask certain questions about the petition and financial affairs, which will be used to set up the final payment plan.


What Makes Julianne Frank Different?

Julianne Frank Esq. is a skilled and experienced attorney that takes on the most difficult of cases and wins. If you believe you have a case only Julianne can resolve, get in touch today.