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Chapter 12: The Family Farmer Or Fishermen Bankruptcy
By Peter Gitundu
Bankruptcy law under chapter 12 is designed for family farmers or fishermen. It allows them to make repayment plans that will allow them to pay their creditors partially or fully within a period of not more than five years. This law only applies for farmers or fishermen with regular incomes. This chapter is special as it caters for them since they have seasonal incomes as opposed to chapter 13 which is advantageous to many as it caters for those with regular incomes.

Unlike in other chapters, the family farmer or fishermen bankruptcy chapter is voluntary. This means that the debtor files the petition himself as opposed to involuntary filing of a petition where the debtor is forced to file such a petition. This chapter applies to family farmers and fishermen in one category and partnerships and corporations in another category.

For the individual debtors under this chapter who fall in the first category, they must fulfill

a few requirements. These include the fact that the individuals activities must be either farming or fishing, that a good proportion of the individuals debts must have been generated from the or farming activities.

For the second category of partnerships and corporations, they must have part of owed assets owned by one of the members or a family of the partner who must be engaged in or farming activities. In case corporations that deal in stock choose to file petition under this chapter they must therefore not issue stock to the public. They must be willing to go through counseling as the bankruptcy laws requires.
Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Chapter 12 Bankruptcy, Read More Of His Articles Here CHAPTER 12 BANKRUPTCYYou Can Also Add Your Views About Chapter 12 Bankruptcy On His Blog Here CHAPTER 12 BANKRUPTCY

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