Permanent and expanded: chapter 12 bankruptcy regulations following BAPCPA
The purpose of this article is to describe Chapter 12 of the Federal Bankruptcy Code and recent changes in federal bankruptcy legislation that affect family farmers and fishermen. Chapter 12 provides debt relief to financially stressed family farmers and, since 2005, fishermen with regular income. It was first enacted in 1986, in response to the farm financial crisis of the early- to mid-1980s, and was subsequently renewed by Congress until being made a permanent part of the Bankruptcy Code on July 1, 2005. This article provides an overview of the history and procedural aspects of Chapter 12 bankruptcy for family farmers and fishermen who are experiencing financial distress. It also discusses changes to the Bankruptcy Code enacted in 2005 under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) that affect the agricultural community.
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