Legal advice

[RTK]

Without knowing all the facts I would suggest 1st determining what you see as a viable solution. Update your balance sheet and sit down with your main creditor. If you are not comfortable with numbers then a good consultant could assist you... Good ones are hard to find and a reasonable fee to me wouldbe $750 or less if you supply all information.

Do not fall for $10000 fee crap...

If you are genuine and looking for some legal advice and workable solutions I would call Layh Law Office in Langbrouge, SK.

[Eeyore]

We were asked to find a new bank by October 30th, I've applied to quite a few and none are willing to take us on so I'm trying to be prepared , no experience n this sort of thing and not really the trusting type I think some second opinions before I get lead down the wrong road.
I'd love to meet tweety someplace, keyboard warrior . Your mama must be proud

[Grahamp]

I don't have any names to give other than to say I feel your pain. We went through a very difficult series of events from 99-05. Which culminated in is getting out of grain and doing a large cattle expansion in late 02, just 6 months prior to BSE. It is stressful and sometimes there are no answers. We ended up selling some land to survive. Things have gone very well since about 09 but I'll never forgot the feeling of being very close to losing everything. As has been mentioned talk to your creditors, check with debt review board, they may have some options that surprise you.

Finally and I don't mean to give unsolicited advice but don't take out the frustration of the situation on your loved ones. It is so easy to take things out on them when everything is going wrong. Hope things work out for you.

[westernvicki]

Land recently sold for as high as 3.5 Assessed value! Just sayin.

[makar]

Banks are the death of farming, have you talked to farm credit? Left the banks years ago.

[farmaholic]

Just a thought and general comment( no accusations):

Just because they'll lend it to us doesn't mean we have to borrow it!

[Redone]

This is the biggest thing that keeps me up at night. We are about 10 years in to full time agriculture and it is damn scary what banks are willing to lend out. We recently expanded our credit line as our business has grown and when meeting with the bank they wanted to give us more than we were asking for. I told them I could not pay that amount down in a year and they didn't see the problem with that.

Good luck through this, and if you find anything out please let us know

[furrowtickler]

Vicky , how does that work on sub $5 wheat or feed barley or shit lentils ?????
Maybe ok with canola but I guess that's for the canola snow canola rotations

[tweety]

Luck has nothing to do with this. Start here, but since you won't say where you are from, only guesses.

[EMAIL="http://www.felesky.com/"]http://www.felesky.com/[/EMAIL]

http://www.cameronhankinson.com/contact_us.html

Cam Hank has lots and lots of clients in agriculture. Very specialized, very good. They work with the above. They will suggest what you should do based on facts and numbers assuming yours are in order and felesky will minimize your tax in the process - regardless of outcome. They can plead your case to a bank because you don't speak money. They do.


Talk to them. Yes my comment was an asshole one for sure. But I hope it strikes a cord, hire and get to know a good tax lawyer, accountant, and lawyer who specializes in your business not only when things go sideways but when they are good even more importantly.

[jd3007]

I have been in contact with MNP and they have told me that some of the big chartered banks are starting to tighten up their lending practices. If you have been profitable you will be alright it's the ones that haven't that they are starting to really look at. Banks have issues large Line Of Credits to customers and then encouraged customers to use these funds for expansion will land prices were rising. Customers filled them up and then needed to term out debt continue operating. Bank is saying no more money for you as you you have reverse working capital and we can't lend you more money based on that. Many of these customers have good balance sheets and credit ratings but have become cash right and the banks are not stepping in to help. This has forced some operations to look for other banks, refinance, use products like input capital, downsize, or the final solution was to sell out. There is options out there you need to look hard and exhaust all opportunities but if you have equity you have to wonder do I continue to risk it or get out while I have something.

[jamesb]

Give Bob Stocks in Regina a call. He does mediation work.
http://www.bobstocks.ca/
Under grow forward 2 , there is financial planning assistance funding available among other things that can lessen the cost to create a new business plan.

[westernvicki]

Give Bob Stocks in Regina a call. He does mediation work.
http://www.bobstocks.ca/
Under grow forward 2 , there is financial planning assistance funding available among other things that can lessen the cost to create a new business plan.

Land has never pencilled but in all fairness the old rule of thumb: 1/2 of land = to a combine value makes land still a good deal. So, if I had debt problems I would liquidate some land and hope my neighbours still had money. There are some pits you just cannot fill.