Legal Question in Bankruptcy in Arkansas

Bankruptcy for owner operated horse farm

Would a thoroughbred horse farm qualify for Chapter 12 and can the owner of the mortgage file forclusure on me and hurt my chances of filing bankruptcy?I am being squeezed out of my farm because a man that has wanted this farm has just purchased the mortgage from the original owner of the mortgage and is enforcing all the insurance that the owner-financed contract calls for me to carry(that I have not been able to pay) so that he can forclose on me,and was able to purchase for a reduced price, the mortgage and eventually my farm. He wants me to sign a quick claim deed tomorrow.


Asked on 4/10/03, 12:57 am

2 Answers from Attorneys
Alan Crone Crone & McEvoy, PLC

Re: Bankruptcy for owner operated horse farm

You may have lots of options. Depending on your exact situation Chapter 12 may apply, there are also other ideas you can pursue. You should not sign anything without seeing an attorney first to explore those options.

If you need more information, please contact me at 800.403.7868 or [email protected]

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Answered on 4/10/03, 10:18 am
Herb Southern The Southern Law Firm

Re: Bankruptcy for owner operated horse farm

Chapter 12 may apply if you meet the criteria for being considered a "family farmer". The fact that you farm horses instead of wheat or corn is not a factor.

There may also be other options depending on the whole situation.

Give me a call to set up an appointment. First visit is always FREE! 479-582-5800 or 1-888-260-1800.

DO NOT SIGN A QUIT CLAIM DEED!!!!! His forclosing will not affect your ability to seek bankruptcy protection. It will determine the time frame when you must file the case, though, so don't wait to seek help whether from us or another Attorney. And don't believe his idle threats either. He obviously has his own agenda, not yours in mind.

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Answered on 4/10/03, 12:21 pm


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