The is chapter 12 bankruptcy?

In accordance with the provisions of the bankruptcy, different types of procedures are debtor code depending on the deposit. The most common types of bankruptcies are filed under Chapter 7 and 13 of the U.S. Bankruptcy Code. Specific provisions of the code, for example, Chapter 12, target a small group of debtors. FunctionA Chapter 12 bankruptcy is designed, a family farm family farm.TypesA operational and financial restructuring is either in the form of a sole proprietorship or a company (or similar entity such as a limited liability company) .FeaturesA Chapter 12 bankruptcy is designed to a family business with the ability to repay of the debt over a period of time provide 90 days of filing bankruptcy Chapter 12 operating.Reorganization and refund PlanWithin, a farmer shall submit a plan for the trustee to pay off the debt over a period of time, usually three to five years.WarningChapter 12 cases of bankruptcy are complex. Interest a farmer is generally better served by maintaining the services of a lawyer specialised in these types of bankruptcies.