Select your state

Bankruptcy

Chapter 12 bankruptcy

Chapter 12 of the Bankruptcy Code is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Under chapter 12, debtors propose a repayment plan to make installments to creditors over three to five years. Generally, the plan must provide for payments over three years unless the court approves a longer period "for cause."

In Oregon, as in other states, Chapter 12 of the Bankruptcy Code provides a mechanism for family farmers and family fishermen who have a regular annual income to restructure their debts. This specialized form of bankruptcy is designed to meet the unique financial challenges faced by those in the farming and fishing industries. Debtors under Chapter 12 can propose a repayment plan that allows them to make installment payments to creditors over a period of three to five years. The standard plan duration is three years, but if the debtor can demonstrate 'cause,' the court may approve a longer repayment period. This provision aims to balance the debtor's need for a fresh start with the creditors' interest in being repaid. It is important for family farmers and fishermen in Oregon considering Chapter 12 bankruptcy to consult with an attorney who is experienced in this area of law to ensure that they meet the eligibility criteria and to assist with the formulation of a feasible repayment plan.

Legal Articles

State Statutes

As a LegalFix Member You Will Be an Important Client of Local Law Firms

For about 82¢ a day you can have a LegalFix Legal Plan that includes initial consultations with an attorney at no additional charge—and additional legal services at reduced rates—all from top law firms in your state. Don't wait—be prepared for life's inevitable legal challenges, starting today.

And ask your employer, credit union, or membership group to offer LegalFix for even better pricing.

Bankruptcy

Chapter 12 bankruptcy

As a LegalFix Member You Will Be an Important Client of Local Law Firms

Articles

Oregon State Code

Oregon State Code

Bankruptcy

Chapter 12 bankruptcy

Articles