Chapter 12 Bankruptcy

Bankruptcy Information

Family Farmer Bankruptcy Chapter Public Information Series of the Bankruptcy Judges Division May While the information presented herein is accurate as of the date of publication it should not be cited or relied upon as legal authority This information should not be used as a substitute for reference to the United States Bankruptcy Code and the Bankruptcy Rules both of which may be reviewed at local law libraries or to any local rules of practice adopted and disseminated by each bankruptcy court Finally this fact sheet should not substitute for the advice of competent legal counsel For additional copies of this publication please contact the Bankruptcy Judges Division Administrative Office of the United States Courts Chapter of the Bankruptcy Code was enacted in specifically to meet the needs of financially distressed family farmers The primary purpose of this legislation was to give family farmers facing bankruptcy a chance to reorganize their debts and keep their farms Background In tailoring chapter to meet the economic realities of family farming this law has eliminated many of the barriers that family farmers had faced when seeking to reorganize successfully under either chapter or of the Bankruptcy Code For example is more streamlined less

Q&A Browse Bankruptcy Law Resources Articles & FAQs Bankruptcy Law Bankruptcy and farmers Page of What is Chapter bankruptcy? Chapter is designed for family farmers or family fishermen with regular annual income It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts The purpose of the regular annual income requirement is to ensure that the debtor's annual income is sufficiently stable and regular to permit the debtor to make payments under a chapter plan But chapter makes allowance for situations in which family farmers or fishermen have income that is seasonal in nature Relief under chapter is voluntary and only the debtor may file a

Bankruptcy Basics Chapter Chapter Family Farmer or Family Fisherman Bankruptcy The chapter of the Bankruptcy Code providing for adjustment of debts of a family farmer or a family fisherman as those terms are defined in the Bankruptcy Code a b c d e Background Chapter is designed for family farmers or family fishermen with regular annual income It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts Under chapter debtors propose a repayment plan to make installments to creditors over three to five years Generally the plan must provide for payments over three years unless the court approves a longer period for cause But unless the plan proposes to pay of domestic support claims if any exist it must be for five years and must include all of the debtor's disposable income In no case may a plan provide for payments over a period longer than five years U S C § In tailoring bankruptcy law to meet the economic realities of family farming and the family fisherman chapter eliminates many of the barriers such debtors would face if seeking to reorganize under either chapter or

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March Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area Information Overview Resource Center Search Bankruptcy Law Firms resources in our exclusive resource center Chapter Bankruptcy Family Farmer & Fisher Bankruptcy Chapter bankruptcy of the Bankruptcy Code was enacted by Congress in and updated in specifically to meet the needs of financially distressed family farmers & family fishermen The primary purpose of this legislation was to give family farmers facing bankruptcy a chance to reorganize their debts and keep their farms Under Chapter – Like chapter but it is only for family farmers and family fishermen Under the new Bankruptcy Act of credit counseling may be required or other options may be required to find out all your legal options and rights Bankruptcy Law Is A Federal Law This Sheet Gives You Some General Information About

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