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Chapter 12

CHAP-ter twelv
A form of bankruptcy in the United States designed for family farmers and fishermen to reorganize their debts and operations. It allows them to propose a repayment plan to creditors while continuing to operate their farms or fishing businesses.
The struggling farm was able to avoid foreclosure and continue operating thanks to Chapter 12 bankruptcy protection.
N/A (Many individual cases, not a single landmark example)
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Frequently Asked Questions

Who is eligible for Chapter 12 bankruptcy?

Family farmers and fishermen with regular annual income who meet certain debt limits are eligible.

What is the purpose of Chapter 12 bankruptcy?

The purpose is to provide debt relief and allow family farmers and fishermen to reorganize their finances and continue their operations.

How does Chapter 12 differ from Chapter 11 and Chapter 13 bankruptcy?

Chapter 12 is specifically tailored to the needs of family farmers and fishermen, while Chapter 11 is for businesses and Chapter 13 is for individuals with regular income.

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