The Family Farmer Relief Act of 2019 was recent passed to make bankruptcy more readily available for the struggling family farmers. While a streamlined form of bankruptcy is available in Chapter 12 of the bankruptcy code, it was only available to family farmers with...
Chapter 12
Chapter 12 Bankruptcy for Farmers and Fisherman
Chapter 12 is a type of bankruptcy that can be filed by a family farmer or a family fisherman. In order to qualify for chapter 12 at least 50% of income must be derived from farming it fishing operations. 50% of debts of the farmer must come from farming operations...
New Jersey Chapter 12 Bankruptcy for Family Farmers and Fisherman
Chapter 12 was enacted in to make the bankruptcy process easier for farmers and fisherman. While Chapter 11 can be an option, there are advantages in filing a Chapter 12. Those advantages include allowing a Plan of Reorganaization which is generally simpler...