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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 Wisconsin, 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 allows these debtors to propose a repayment plan that can span three to five years, offering a way to pay back creditors over time. The standard duration for the repayment plan is three years, but if the debtor can demonstrate a valid reason ('for cause'), the court may allow a longer period. This provision is tailored to the unique financial situations of family farmers and fishermen, acknowledging the seasonal nature of their income and providing a structure that can help them keep their operations running while managing their debts.

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Bankruptcy

Chapter 12 bankruptcy

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

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Wisconsin State Code

Wisconsin State Code

Bankruptcy

Chapter 12 bankruptcy

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