Chapter 12 Bankruptcy

By Sam Calvert, Attorney At Law |

Chapter 12 is for "family farmers". It is a reorganization bankruptcy, meaning that in a chapter 12 we set the farmer up on a payment plan that lasts between three and five years. Chapter 12 was created to eliminate many of the technical problems of a “regular” chapter 11 bankruptcy. It is similar to a chapter 13 in many ways, although the debt limits of a chapter 12 are much higher, because farming is often a capital intensive business. Read More>>