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14CHAPTER Resource ManagerCHAPTERTeaching TransparencyApplication and EnrichmentEconomic Concepts Transparency 6Consumer Applications Activity 16Enrichment Activity 14Name NameDateDateDateName16E16
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Chapter 12 is a provision of the U.S. Bankruptcy Code that allows financially distressed family farmers and fishermen to reorganize their debts and continue their operations.
Farmers and fishermen with a regular annual income who meet specific criteria regarding their debts and income are required to file Chapter 12.
To fill out Chapter 12 forms, individuals must gather financial records, complete the required forms detailing income, expenses, debts, and proposed repayment plans, and file them with the bankruptcy court.
The purpose of Chapter 12 is to provide a reorganization plan that allows family farmers and fishermen to adjust their debts while continuing to operate their businesses.
Information that must be reported includes income, expenses, debts, assets, and the proposed repayment plan.
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