Bankruptcy Chapter 7
Bankruptcy Code 11
Bankruptcy Chapter 13
Bankruptcy Chapter 12
Chapter 12 bankruptcy is a type of bankruptcy proceeding outlined in the Bankruptcy Code
. 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. Monthly payments are made to a court-appointed trustee until the debt is settled. This usually occurs over a period of 3 to 5 years.
Under chapter 12 bankruptcy, individuals are allowed to keep property they may have lost by filing for Chapter 7 Bankruptcy