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12 Bankruptcy Lawyers - NATIONWIDE
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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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a State to contact a Chapter 12 Bankruptcy Lawyer>>>
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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