Closed restaurants. Bare shelves. Limited Supplies. The obvious effects of the pandemic are impossible to ignore. Unfortunately, what gets overlooked sometimes are the people further down the supply chain who are also feeling the impact of the shutdown. Behind the closed restaurants and markets are local farmers and fishermen who aren’t able to meet their sales quotas because of the decrease in demand. Behind the shut off of tourism are local charter fishermen who rely on this time of year to take out families from all over to experience the joys of catching fish in our local waters.
In Florida, local farmers and fishermen make up a vital component of our economy. Their trades are passed down over generations, and the global pandemic has threatened their way of life. Fortunately, there is help through the bankruptcy code that is designed specifically for these areas of our economy.
Chapter 12 Bankruptcy is a special interest area of bankruptcy that is reserved for family fishermen or family farmers with regular annual income from this type of business. Chapter 12 Bankruptcy carries a number of similarities between Chapter 11 Bankruptcy and Chapter 13 Bankruptcy, but Chapter 12 was developed to specifically allow family farmers or fishermen to continue to operate their business while carrying out a plan to repay creditors that is in keeping with the seasonality of the profession.
The Florida Panhandle is home to some of the finest family farmers and commercial fishermen in the country, and it has been a pleasure getting to work with so many over the years. If you think that you meet the qualifications for Chapter 12 and you feel your financial situation is hopeless due to the ongoing threat of the coronavirus, filing right away may help save the assets and resources that you rely on for your livelihood. Enlisting the help of an experienced bankruptcy attorney will speed up the process and ensure that things go smoothly.The Wynn Law Firm has extensive knowledge and experience in all areas of Bankruptcy. Deciding whether or not to file bankruptcy is something not to be taken lightly, and our team can help anyone in the Panhandle or anywhere else in Florida determine the best course of action for you and your family. Contact our office today for a confidential consultation regarding your personal situation.