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Chapter 12 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 12, debtors propose a repayment plan to make installments to creditors over three to five years.

2024年4月8日 · Chapter 12 is a category of bankruptcy in the United States that applies specifically to farms and fisheries. It allows them to reorganize their business while still maintaining ownership.

Chapter 12 of Title 11 of the United States Code, or simply chapter 12, is a chapter of the Bankruptcy Code. It is similar to Chapter 13 in structure, but it offers additional benefits to farmers and fishermen in certain circumstances, beyond those available to ordinary wage earners.

2024年10月18日 · Chapter 12 is a form of bankruptcy that was made permanent in 2005. It is similar in many respects to Chapter 13, but it is limited to a very small sector of the population, covering family farmers and family fishermen who have regular annual income.

2022年3月24日 · Chapter 12 bankruptcy allows family farmers and fishermen who are in financial distress to discharge their debts over three or five years. It combines aspects of Chapter 11 and Chapter 13 bankruptcies while allowing a more flexible payment plan due to the seasonal nature of these businesses.

2023年12月18日 · What Is Chapter 12 Bankruptcy? Chapter 12 bankruptcy is a specific type of insolvency protection created for "family farmers" and "family fishermen." The law, which was first enacted in 1986, is an amendment to the Bankruptcy Code that provides a streamlined and less expensive process for family farming operations to reorganize their debts and ...

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