Experienced Chapter 12 Bankruptcy Attorney Serving Toledo and the Surrounding Northwest Ohio Areas.

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Toledo Chapter 12 Bankruptcy Attorney serving Northwest Ohio

Edward L. Schimmel is an experienced Chapter 12 Bankruptcy Lawyer serving Toledo, Northwood, Oregon, Sylvania, Lucas County, Wood County, and Northwest Ohio communities.

Protect Your Rights! Call Chapter 12 Bankruptcy Attorney, Edward L. Schimmel at 419.693.0911.

Chapter 12 Bankruptcy Attorney for Farmers & Fishermen in Northwest Ohio

At the Law Office of Edward L. Schimmel, we provide a specialized solution for family farmers and fishermen facing financial hardship. Chapter 12 bankruptcy is a powerful tool designed specifically to help you reorganize your debts and save your business from liquidation or foreclosure. Serving clients in Toledo, Oregon, Northwood, Sylvania, Maumee, Perrysburg, Bowling Green, Lucas County, and Wood County, Attorney Schimmel has the experience to guide you through this process and help you protect your livelihood.

What is Chapter 12 Bankruptcy?

Chapter 12 is a unique form of reorganization bankruptcy tailored for family farmers and fishermen with a stable annual income. While it is similar to a Chapter 13 plan, it offers distinct advantages that are not available to other types of debtors, making it the most effective option for those in the agricultural and fishing industries.

The primary goal of Chapter 12 is to help you create a manageable repayment plan for your creditors over a period of three to five years, allowing you to get back on solid financial footing without losing your farm or fishing business.

Key Benefits of a Chapter 12 Bankruptcy Filing

A Chapter 12 bankruptcy offers several unique benefits that can provide immediate and lasting relief:

Restructure Your Secured Debt: A key benefit is the ability to "cram down" mortgages and other secured claims. This means the loan balance can be reduced to the current market value of the collateral, with the remaining debt often treated as unsecured, and paid back at a much lower rate.
Prevent Foreclosure & Liquidation: It provides an immediate stay on all creditor collection actions, stopping foreclosures, repossessions, and lawsuits, giving you time to reorganize.
Flexible Repayment Plans: Payments can be structured to align with your seasonal income, such as "harvest time" or fishing seasons, providing flexibility that is not available in other types of bankruptcy.
Keep Your Assets: Unlike a Chapter 7, which may require you to sell certain assets, Chapter 12 allows you to keep the property essential to the operation of your business.

Chapter 12 Eligibility Requirements

To qualify for Chapter 12 bankruptcy, you must meet specific criteria defined by federal law. Debtors can be individuals, partnerships, or corporations, but the core business must be a family farming or fishing operation.

For individuals, the main requirements are:

You must be engaged in a commercial farming or fishing operation.
Your debts cannot exceed $4,153,150 for farmers or $1,924,550 for fishermen.
At least 50% of your total debts for farming or 80% for commercial fishing must be directly related to the business (excluding your home mortgage).
More than 50% of your gross income must come from your farming or fishing operation.

For partnerships and corporations, a single family must own more than 50% of the stock or equity interests.

How We Can Help?

The Chapter 12 bankruptcy process is complex and requires an attorney with specialized knowledge of both federal law and the unique financial realities of the agricultural and fishing industries. Attorney Edward L. Schimmel has the experience to guide you through the process, from developing a feasible repayment plan that meets the "best interests of creditors" test to ensuring it is approved by the bankruptcy court.

Schedule a Confidential Consultation

If you are a family farmer or fisherman in Northwest Ohio facing financial hardship, you don't have to face it alone. Please call our offices to schedule a confidential legal consultation with a qualified Chapter 12 bankruptcy lawyer. We are here to help you explore your options and find a path toward a stable financial future.

Call Chapter 12 Bankruptcy Lawyer, Edward L. Schimmel at 419.693.0911

TESTIMONIALS

"Edward L. Schimmel has been a great lawyer. Helped me adopt my daughter and did a few POA's. Highly recommend."

— Nathan J.
"Had an initial interview with another attorney and I felt like he didn't care about me or my case. I got referred to Edward and it was the complete opposite. He took the time to listen to me and created a plan of action before even discussing a fee. I am so glad I came across Edward and would definitely recommend him to anyone who needs access to legal justice! Thanks Edward for caring about me and my case!"

— Daniel J.
"Edward goes above and beyond to help you with any situation your in."

— Daniel L.
"I highly recommend Ed Schimmel! He took the time to understand my situation and walked me through the process step by step. He answered all my questions and was very understanding. You can't go wrong with Mr. Schimmel. I'm glad I made the right choice."

- Ron I.
"A great attorney would definitely use his law firm again and refer a friend to him . .Great customer service his phone attendant is always nice and polite, and makes everyone feel like their family."

- Robert D.

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Toledo Lawyer | Law Office of Edward L. Schimmel |
419.693.0911

Toledo Bankruptcy Attorney, Providing Professional Chapter 12 Bankruptcy legal services in Toledo, Northwood, Oregon, Sylvania, Maumee, Perrysburg, Bowling Green, Lucas County, Wood County, and the surrounding Northwest Ohio communities.