Chapter 12 Archives

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 while 805 of debt must come from fishing operations. Chapter 12 is similar to Chaper 13 although there are elements in it like a chapter 11. There are certain advantages to chapter 12 over other chapters. One of the most significant advantages is the ability to extend secured debt over a longer period of time. If a family farmer or fisherman is having financial difficulties, it makes sense to consult with a bankruptcy attorney with experience in Chapter 12.

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 than that required in a Chapter 11 case and easier to get confirmed. In addition, there are advantages relating to extending payments to secured creditors over a longer period of time.

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