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Filed Electronically ClerkTreasurers Office 12/26/2017 at 12:48 O'clock. Passed First Reading Passed Second Reading RESOLUTION 012018 RESOLUTION QUALIFYING EQUIPMENT FOR PROPERTY TAX PHASEINSummaryThe
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Chapter 12 refers to a specific type of bankruptcy designed for family farmers and fishermen, allowing them to reorganize their debts and continue operating their businesses.
Family farmers or fishermen with regular income, who meet specific debt limits set by the court, are required to file for Chapter 12 bankruptcy.
To file for Chapter 12 bankruptcy, one must complete the necessary forms, including a petition and schedules detailing debts, income, and expenses. It is advisable to seek legal assistance for accurate completion.
The purpose of Chapter 12 is to provide a structured repayment plan for family farmers and fishermen, allowing them to keep their operations while repaying creditors over a defined period.
Filers must report information regarding their financial situation, including debts, income sources, expenses, and details about the family farm or fishing operation.
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