Bankruptcy Chapter 12
Bankruptcy Chapter 12 is a type of bankruptcy proceeding outlined in the Bankruptcy Code. Furthermore, Chapter 12 is a personal financial reorganization procedure that applies only to farmers and fishermen.
When a financially distressed farmer or fisherman files for chapter 12 bankruptcy, the individual arranges to repay debt obligations with future income. Make monthly payments to a court-appointed trustee until you settle the debt. This usually occurs over a period of 3 to 5 years.
In addition, under chapter 12 bankruptcy, individuals are allowed to keep property they may have lost by filing for Chapter 7 Bankruptcy.
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