Frequently Asked Questions
What is the purpose of chapter 12 bankruptcy?
Chapter 12 bankruptcy is intended to assist family farmers and fishermen who are facing financial distress. It allows them to restructure their debts and develop a feasible repayment plan, enabling them to continue their agricultural or fishing operations while repaying their creditors.
Who is eligible to file for Chapter 12 bankruptcy?
To be eligible for Chapter 12 bankruptcy, an individual or married couple must meet certain criteria. They must be engaged in a farming or fishing operation, have a regular annual income, and have total debts within specified limits. Additionally, at least 50% of their income must come from farming or fishing activities.
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