My name is John Friesen, I’m an attorney
with Gillespie & Murphy, P.A. I practice Chapter 12 bankruptcy. Chapter 12 bankruptcy is a bankruptcy chapter
specific to farmers and fishermen. I grew up on a family farm in Central Nebraska. Subsequent to college, I managed farms from
Murphy farms in Eastern North Carolina, and I know very well the stresses of farming. I understand when commodity prices are below
your expenses. I understand the weather destroys crops. I’ve experienced all of those both on the
family farm, and at Murphy farms. Chapter 12 bankruptcy allows a farmer or a
fisherman to stay in business. The process of Chapter 12 is very similar
to other bankruptcies. The farmer files a petition, or the fishermen
files a petition in bankruptcy which lists all the assets and all the debts of the farm. The farmer then has the opportunity to file
what’s called a Plan of reorganization. The plan of reorganization is a contract between
you and creditors. In that plan, the farmer can propose to surrender
property or to renegotiate debt. For example, the farmer may choose to change
the interest rate on certain debts or the farmer may reduce the amount owed because
the value of the equipment or the value of the real estate is less than the amount owed. In addition, the farmer may change the amortization
length of the loan, all to make the payments more acceptable and keep the farmer in business. If you are having trouble with your farm,
and are struggling to keep it operating, or need to get rid of certain debts, or need
to reorganize your debts, please call us and let us help you walk through your options
in Chapter 12 bankruptcy. My name is John Friesen and I’ll bd happy
to speak with you.