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10/\';!.\' f)Feet! Rf\'.d instruction on Nov.n.1:(1e ON come/EU!LFI .form./ i/ \'). /, ;,.;, /j Reg\'.\”., \'environmental Protection Agency Washington. DC 20460opp Identifier NumberAmendment Otherwise
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Chapter 12 is a part of the U.S. Bankruptcy Code that provides a specialized reorganization process for 'family farmers' and 'family fishermen' with regular annual income, allowing them to propose a plan to repay all or part of their debts.
Family farmers and family fishermen with regular annual income are required to file under Chapter 12. This includes those whose debts do not exceed certain limits established by law.
To fill out Chapter 12, applicants must complete a petition, schedules of assets and liabilities, a statement of financial affairs, and a proposed repayment plan, ensuring all forms are accurate and thorough.
The purpose of Chapter 12 is to provide family farmers and fishermen a more streamlined and effective way to reorganize debts and continue their operations while paying off creditors over time.
Applicants must report information including their income, expenses, assets, liabilities, and a detailed repayment plan outlining how they intend to make payments to creditors.
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