Unlike many city dwellers, you regularly awaken before dawn to get the day started. As a farmer, you provide an invaluable service. That is, your hard work helps to feed countless Americans every day. Whether you grow crops or raise animals, you depend on implements, irrigation equipment and other necessary tools. If you are straining under crippling debt, bankruptcy may be your most important tool, though.

Trade wars, falling crop prices and changing weather patterns have made life difficult for many farmers. While you probably did not pursue farming to become wealthy, you should not have to toss and turn every night because of mounting debt. While filing for bankruptcy protection is not right for every farmer in the Hoosier State, it may give you the ability to conquer your debt crisis while continuing to farm.

Bankruptcy protection

There is no such thing as cookie-cutter bankruptcy. Businesses, consumers, fishermen and others each have separate provisions of the bankruptcy code with which they must comply. As a farmer, though, you are probably eligible to file for Chapter 12 protection.

As you know, farming is not always lucrative. Routinely, farmers must acquire significant debt to continue to operate. When commodity prices are low, farmers often struggle to keep up with expenses. With a Chapter 12 bankruptcy filing, you may be able to restructure your debt to make it more manageable. That is, a bankruptcy court may allow you to either sell certain assets or make debt payments.

Ongoing farming

Whether you are a first-, second-, third- or subsequent-generation farmer, you likely do not want to give up your farm without a fight. Fortunately, Chapter 12 bankruptcy may not require you to find a new career. On the contrary, farmers regularly continue to farm during and after their bankruptcy filings. Because a Chapter 12 filing protects you from creditors, many lawsuits and other stressors, you may even find yourself to be a better farmer after the filing.

You do not want to lose your family farm. Still, trying to overcome mounting debt can be overwhelming. If you are looking for a way forward, exploring Chapter 12 bankruptcy may be the best tool you have.