Bankruptcy Exemptions for Farmers
Many people face bankruptcy without knowing what state exemptions may be available for them. When filing for Chapter 7, a person may expect to lose a considerable amount of property as a part of the collection process, but in many cases this does not occur. For a worker such as a farmer, who depends on certain machines and the possession of growing crops, these exemptions can prove crucial to keeping their livelihood.
If you are a farmer who is experiencing extraordinary financial distress, it is important that you understand your legal rights and what measures are available to help you at this time. Contact the Birmingham bankruptcy lawyers of GREENWAY BANKRUPTCY LAW, LLC, at (205) 324-4000 to discuss your situation with a knowledgeable and committed attorney.
Farming Property Exemptions
A person may combine a variety of different exemptions during their bankruptcy proceedings to guard important pieces of property that can help keep the farm running properly. These exemptions can extend to a number of different types of property, even beyond what is traditionally considered a tool of the trade.
The following exemptions may be available for important pieces of property for farmers:
- Bankruptcy protection from crops not grown or harvested yet
- Vehicle exemptions as personal property
- Machine and tool exemptions as a tools of the trade exemption
- Homestead exemption for the farm’s property
- Wildcard exemption for additional pieces of property
A person filing for these exemptions needs to follow the correct process to see any benefit during their bankruptcy proceedings.
If you have been handling debt that has simply become too much for you to manage any longer, we may be able to help you. For more information regarding your legal options during bankruptcy, contact the Birmingham bankruptcy attorneys of GREENWAY BANKRUPTCY LAW, LLC, by calling (205) 324-4000 today.