Ag bankruptcy: Chapter 12 considerations outlined in Oct 16 webinar
By Bryce McWilliams
U of A System Division of Agriculture
- The National Agricultural Law Center covering considerations and basics for Chapter 12 bankruptcy
- The webinar will be held Wednesday, Oct. 16 at noon EDT
FAYETTEVILLE, Ark. – After a year of lower commodity prices, extreme weather, and ongoing trade tensions in world markets, much needed debt relief can be available to family farms through Chapter 12 bankruptcy.
According to the United States Courts, Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
The National Agricultural Law Center will host a webinar providing an introduction to Chapter 12 Bankruptcy, featuring the Chapter 12 Standing Trustee for the Eastern and Western Districts of Arkansas, Renee Williams. Williams will discuss eligibility requirements, advantages and uses of a plan to make changes in the farming operation.
The webinar will be Wednesday, Oct. 16 at noon EDT/ 11 a.m. CDT. There is no cost to attend the webinar.
“With the difficult year producers have had, it’s important we address Chapter 12 bankruptcy and keep resources available,” said Harrison Pittman, Director of the NALC.
“The relief provided in Chapter 12 of the United States Bankruptcy Code is something all family farmers and family fishermen should be aware of,” Williams said. “This section of the code provides family farmers and family fishermen the ability to reorganize their debts helping them weather difficult economic times and continue their way of life.”
For more information on agricultural law, or upcoming webinars, visit https://nationalaglawcenter.org/
About the National Agricultural Law Center
The National Agricultural Law Center serves as the nation’s leading source of agricultural and food law research and information. The Center works with producers, state and federal policymakers, Congressional staffers, attorneys, land grant universities, and many others to provide objective, nonpartisan agricultural and food law research and information to the nation’s agricultural community.
The Center is a unit of the University of Arkansas System Division of Agriculture and works in close partnership with the USDA Agricultural Research Service, National Agricultural Library.
About the Division of Agriculture
The University of Arkansas System Division of Agriculture’s mission is to strengthen agriculture, communities, and families by connecting trusted research to the adoption of best practices. Through the Agricultural Experiment Station and the Cooperative Extension Service, the Division of Agriculture conducts research and extension work within the nation’s historic land grant education system.
The Division of Agriculture is one of 20 entities within the University of Arkansas System. It has offices in all 75 counties in Arkansas and faculty on five system campuses.
The University of Arkansas System Division of Agriculture is an equal opportunity/equal access/affirmative action institution. If you require a reasonable accommodation to participate or need materials in another format, please contact 479-575-4607 as soon as possible. Dial 711 for Arkansas Relay.