Chapter 12 Family Farmer or Fisherman
Similar to Chapter 13 but only available to farmers, fisherman and their spouses
Chapter 12 is a “family farmer or fisherman” bankruptcy. Its form is similar to a Chapter 13 and is available to family farmers or fisherman and their spouses. It is also available to corporations or partnerships whose ownership is held by one family and the relatives and/or members of one family. The debt limits are higher than in a Chapter 13 and is provisions are more flexible than those in Chapter 13.
A “family farmer” must have “regular annual income”, which is annual income sufficiently stable and regular to enable the family farmer or fisherman to make regular payments under a Chapter 12 plan. The law office of Norman L Hull has experience in Chapter 12 filings.