There are various types of chapters in the bankruptcy code that cater for different needs of the consumer. The chapter that caters for family farmers and fishermen is Chapter 12. It helps financially troubled farmers and fishermen propose a way in which they can repay debts. Debtors propose a repayment plan to repay installments to the creditors for a period between three to five years.
To qualify to be in the family farmer bracket, there are several tests that have to be met. One test is that the farmer