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Chapter 12 Bankruptcy Information

WHAT IS CHAPTER 12?
The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," as that term is defined in the code, at 11 U.S.C.A. §101(18). The process under chapter 12 is very similar to that of chapter 13, under which the debtor proposes a plan to repay most debts over a period of time; no more than three years unless the court approves a longer period, not to exceed five years; however, repayment of long-term secured debt may take longer than three or five years. There is also a trustee in every chapter 12 case whose duties are very similar to those of a chapter 13 trustee. The chapter 12 trustee's disbursement of payments to creditors under a confirmed plan parallels the procedure under chapter 13. chapter 12 allows a family farmer to continue to operate a farm business while the plan is being carried out, and the debtor typically remains in possession of the assets of the estate.

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Fast Facts about Bankruptcy
There are different types of bankruptcy, which are detailed in our FAQ's section of this Web site. Briefly, consumers can either immediately discharge all of their debts (Chapter 7) or slowly pay a percentage of them off over time as they continue to work and earn income. (Chapter 13) Businesses can enter what's called "bankruptcy protection" (Chapter 11) while they reorganize themselves in a way that's acceptable both to their creditors and to the United States Bankruptcy Court. Bankruptcy law is federal in nature, and therefore is under the jurisdiction of federal law and courts.

Every bankruptcy involves a process by which debts are eliminated. Each bankruptcy takes time and effort, and you must organize your debts concisely in order to have a successful bankruptcy filing. Any licensed attorney specializing in the field of bankruptcy is more than qualified to guide you through this process. Please see our attorney directory to locate an bankruptcy attorney near you!

 

  
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