Bankruptcy

I Hope I Don't Have to Re-Learn how to File a Chapter 12 Bankuptcy for a Family Farmer in Arizona!

By Joseph McDaniel, Esq.

My firm confirmed one sometime in the paleolithic period, but I haven't done one recently.

My memory tells me that they're pretty similar to Chapter 13 cases, with no requirement for a disclosure statement.

And the statements and schedules are pretty similar to a Chapter 11 or Chapter 13 Bankruptcy, as well.

But I just talked to a good ol' boy who looks like Paul Newman in his later years, and he has a family farm with about a million dollars of crop sitting on it.

And there's one secured creditor, who's trying to foreclose on it for a relatively tiny debt.

I called the lawyer who's running the trustee sale and left a message that recited that I was talking to Mr. Good Ol'Boy, and he didn't rightly see that losing the family farm to a foreclosure made any sense, when there was a million dollars of spinach (not his real crop) in the field.

And that he wasn't my client yet, but well, you know....

And that the Good Ol' Boy could either pay Snidely Whiplash for an extension of 90 days, or he could pay me, and I would really rather see the money go to Snidely.

Be interesting to see how it all works out.

Told the good old boy (who's a very smart guy, even if he does wear a cowboy hat indoors) that I'd rather he got an extension in writing on the trustee's sale than pay me.

But if the creditor continues to act like Snidely Whiplash, the poor ol' good ol' boy might just need to retain some Arizona bankruptcy lawyer for a Chapter 12 (if the farm qualifies) or a Chapter 11 (if it doesn't).

So now I'll cross my fingers and learn the law and procedure of Chapter 12 bankruptcy cases in Arizona real quick, just in case.

See, the reason I'd rather not file for him is that there is ALWAYS some risk in any kind of bankruptcy filing. And I'm pretty risk averse at this point in my life.

But if Snidely Whiplash is going to move forward to swipe the family farm, well, that's just not going to happen.

Where's my red cape?

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on June 16, 2009 (boomark / email).