Chapter 12
Eastern Missouri
Take Your First Step To Becoming Debt Free
Chapter 12 Bankruptcy
Chapter 12 Overview
Chapter 12 is similar to a Chapter 13, but is limited to those with significant farming or fishing income:
- Chapter 12 allows farmers to time their plan payments to match crop cycles, sometimes resulting in only one large payment per year.
- Chapter 12 allows farmers to significantly modify the rights of creditors beyond those powers extended to Chapter 13 debtors.
- Chapter 12 is more individualized than Chapter 13 and often more complex because it, in effect, involves a business.
For small farm operations, a Chapter 12 can be a life-saver. It is extremely powerful and has a wide-range of tools available if you can qualify.
