Chapter 12 Bankruptcy: Family Farm Restructuring
The following is from the Arkansas School of Law. By Susan Schneider · May 15, 2015 · 2015 Ark. L. Notes 1686 In categories: Administrative Law , Agricultural Law , Alternative Dispute Resolution , Bankruptcy , Business Law , Debtor/Creditor , Financial Institutions Law This overview of Chapter 12 Bankruptcy is written to provide an introduction to the basic Chapter 12 process, highlighting some of the issues that distinguish it from other types of bankruptcy and explaining how it may be useful to family farmers and family fisherman who are experiencing financial distress. There are many complex issues that extend far beyond the scope of this short overview. For more information, attorneys should consult the Bankruptcy Code and Rules as well as the relevant case law from your jurisdiction. I. Historical Perspectives Chapter 12 was added to the Bankruptcy Code in 1986 during a deep financial crisis in the farm economy. It was designed to provide a special type of re