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Doc. ID:003547CONFERENCE COMMITTEE REPORTThe Conference Committee on X HBSB 992 has met as provided in the Rules of the House and Senate and hereby reports the following to be adopted:The House concur
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Chapter 12 is a provision in the Bankruptcy Code that allows family farmers and fishermen with regular annual income to reorganize their debts.
Family farmers and fishermen with a regular income who meet specific debt limits are required to file for Chapter 12.
To fill out Chapter 12, the debtor must complete a bankruptcy petition, schedules of assets and liabilities, and a debt repayment plan, which must be filed with the bankruptcy court.
The purpose of Chapter 12 is to provide a streamlined and cost-effective way for family farmers and fishermen to reorganize their debts while continuing their business operations.
Debtors must report their income, expenses, assets, liabilities, and a detailed repayment plan as part of the Chapter 12 filing.
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