Agriculture is a vital industry in Maryland and across the United States. It is an industry that is greatly reliant on weather and good or bad weather can make or break a farmer’s year. Debt is a reality in most people’s lives and as long as it is managed does not necessarily lead to a financial crisis. When an event occurs that is beyond one’s control, a managed situation can quickly spiral into a crisis. Bankruptcy can provide tools to help one survive the crisis.
The weather across the nation has been atypical for some time now. Farmers are feeling the pinch as it is impacting planting schedules. In another state, the number of bankruptcies involving farmers has increased significantly. The problem has escalated in the last year and is causing stress and mental health issues among the farm community.
Declaring bankruptcy can provide one with a way to negotiate with creditors and allow for management of a debt that will forestall foreclosure proceedings. One option available is mediation. Mediation allows for a person to sit down with one’s creditors in an attempt to come to an agreement for dealing with the debt situation. Mediation can also provide for a grace period during which lenders may not be able to take punitive action.
The idea of bankruptcy can be scary and stressful as is the thought of losing one’s way of living. A person in Maryland who is faced with financial hardship, often through no fault of his or her own, may wish to seek the counsel of a bankruptcy attorney. A knowledgeable lawyer can review a person’s financial situation and advise one as to what legal options may be available.