Applying Decades Of Experience To Solve Modern Legal Issues
Recently, the American Farm Bureau Federation revealed that there was a 23 percent increase in farm bankruptcy filings for the 12 months period ending in March 2020, a figure that marks five consecutive years of such increases. Largely attributed to low commodity prices, natural disasters, and retaliatory tariffs, this increase could also be the result of the passage of the…
Many creditors, in an attempt to collect on a debt, garnish the borrower’s wages. In most, but not all cases, creditors must first get a court order before taking this step, unless the matter involves child support, taxes, or student loans. Fortunately, initiating bankruptcy proceedings can stop a creditor from continuing to garnish a person’s wages or from even seeking…
The global COVID-19 pandemic has had devastating consequences for the agricultural industry, with farmer sentiment decreasing by 47 points from February to March alone. Responding to concerns over the impact of the COVID-19 pandemic on farm profitability and land values, Congress set aside $23.5 billion for agricultural relief in the U.S., $9.5 billion of which was earmarked specifically for hard-hit…
When a person files for Chapter 7 bankruptcy in Iowa, creditors are automatically barred from pursuing any further action against that individual. This is known as an automatic stay and is an important aspect of the bankruptcy process, as it allows petitioners to resolve their bankruptcy issues without being harassed by creditors with competing claims. To learn more about the…
Farmers have a number of different options when faced with mounting debt caused by low prices, high interest rates, and export complications, including filing for Chapter 12 bankruptcy. However, deciding which course of action is best in a particular case can be difficult, so if you own a family farm and are struggling financially, it is important to contact a…
This month, the Small Business Reorganization Act of 2019 officially went into effect. Creating a new subchapter under Chapter 11 of the Bankruptcy Code, the new law was designed to promote efficiency and simplicity for small businesses looking to reorganize by applying for Chapter 11 bankruptcy. Although the recent changes have simplified the process of filing for Chapter 11 bankruptcy,…
According to the American Farm Bureau, farm bankruptcies increased by nearly 20 percent last year, with 595 family farms filing Chapter 12 bankruptcy petitions, 27 of which were located in Iowa. In fact, farm bankruptcies in Iowa have reached their highest in over a decade. In an effort to address these increases, Congress enacted the Family Farmer Relief Act late…
When a creditor needs to take a debtor to court in order to have a debt repaid, the difficult part is not necessarily over. While winning a civil case in court against a debtor can be a relief for a creditor, simply winning a case does not guarantee that the debtor will pay. Once you win the case, it is…
The holiday season is fun, but no one can deny the fact that it is also a stressful time of year. For those with financial struggles, the holiday season almost always means digging themselves deeper into debt. So, does it mean you should file for bankruptcy before the holiday season? Or would it prevent you and your family from having…
Many of those who file for bankruptcy in Council Bluffs and other parts of Iowa wonder, “Can I file bankruptcy for my student loans?” The answer may be yes but doing so would require you to prove “undue hardship” for student loans. According to NBC News, one in five adult Americans has student loan debt. That is as many as…