What is the Chapter 12?
Chapter 12 allows individuals, partnerships, LLC’s and corporations who qualify as family farmers and family fisherman to restructure their debts. Similar to Chapter 11 and Chapter 13, Chapter 12 involves repaying debts over a three to five year period, through a plan of reorganization. What makes Chapter 12 relief unique from that offered by Chapters 11 and 13, is that Chapter 12 contains several provisions that specifically address the needs of the farming and fishing communities. For more information about who qualifies for Chapter 12, see below.