How can I keep from being sold out in Chp. 12 Bankruptcy

[jeff]

I am now entering Chp 12 bankruptcy and the bank is fighting my plan because i am not paying the whole $471,000.00. Can I do something to stop them..........liquidation will only yield $125,000.00 at most and the FHA guarentee is on for half the loan, so what can I do to stop them?

[brian]

From your message it sounds like you're located in the US, and bankruptcy laws vary considerably between Canada and the US and even among various states and provinces. You might try posting your question to ag@online at http://www.agriculture.com/ or try your local state extension service.<P> In Canada these matters are governed by several acts including the Farm Debt Mediation Act, The Bankruptcy Act, The Consumer Credit Transactions Act (Alberta), The Personal Property Security Act (Alberta) and the Bank Act. Alberta Agriculture has a publication called "Farm Debt; The Legal Implications ...." (Agdex #817-12). It's a bit old (1991) but provides a good summary. It's available at no cost.