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Notice of a public Decision Session Executive Member for Finance and Performance Meeting to be held in consultation with the Executive Member for Economy and Strategic Planning (for agenda item 3
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Chapter 12 is a part of the U.S. Bankruptcy Code that provides debt relief for 'family farmers' and 'family fishermen' with regular annual income. It allows them to propose a repayment plan to make installments to creditors over time.
Individuals or entities engaged in farming or fishing activities with regular income and debts that comply with the limits set by the law are required to file Chapter 12.
To fill out Chapter 12, debtors must complete the required bankruptcy forms accurately, including a disclosure statement, a repayment plan, information on assets, debts, income, and any other relevant financial documentation.
The purpose of Chapter 12 is to provide a streamlined and less costly option for family farmers and fishermen to reorganize their debts, ensuring they can continue their operations while repaying creditors.
Debtors must report their income, expenses, assets, liabilities, and a detailed repayment plan, including how they intend to pay creditors over the duration of the chapter 12 process.
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