MAKING THE DECISION This is the third and final article in our series on Chapter 12 Farm Restructure (also see The Basics and The Process). As has been explained, Chapter 12 is part of the bankruptcy code that exists to give farmers a chance to restructure their farms. Had chapter

BEGINNING THE CHAPTER 12 PROCESS This article is a follow up to the last article on Chapter 12, The Basics of Chapter 12 Farm Restructure, and will discuss the Chapter 12 process. First, in Chapter 12, a petition is filed by the farmer in Federal Bankruptcy Court. A bankruptcy trustee

FACING DIFFICULT DECISIONS The current farm economy may very well force some difficult decisions upon many family farms. Fortunately, after the implosion of the farm economy in the 1980’s, Chapter 12 was added to the Federal Bankruptcy Code.  Chapter 12 exists to provide a special type of restructuring opportunity for

THINGS TO THINK ABOUT Recently I read an article in a farm magazine titled “This is a good time to quit”.  In fact, I’ve had several clients inform me that they are quitting farming this year.  Having a discussion about quitting farming is sure to strike a nerve with some

KNOWING THE RULES MAKES ALL THE DIFFERENCE I don’t know about many of you, but in my opinion, the hardest part of farming is being successful at marketing each year’s crop. Being wrong by selling too early, or too late, is something all of us as farmers should have learned

HYBRID BETWEEN A CORPORATION AND PARTNERSHIP I have fielded many questions as of late regarding a farming operation being structured as a Limited Liability Company (LLC). So, I thought it would be beneficial to discuss the various elements of a LLC. The LLC originated in Wyoming in 1977, and has

FAIRNESS IS A MATTER OF OPINION Years ago someone told me that fairness was like pretty… a matter of opinion. Over the years, and several hundred farm clients later, I can tell you that fairness is indeed a matter of opinion in succession plans. The problem is that opinions will

MAKING GOOD DECISIONS FOR THE NEXT GENERATION Anyone involved in agriculture knows that we are currently experiencing tough times.  Several years of low commodity prices have eroded much from the “good years” that we all experienced a few years back.  However, most of us realize that farming is cyclical and