Deck 7: The Chapter 12 Bankruptcy Adjustment of Debts of a Family Farmer or Family Fisherman With Regular Annual Income

Question 1

A family farmer can be an individual or an individual and spouse, but cannot be a partnership or corporation.

Answer 1

False

Question 2

A Chapter 12 case may be dismissed for failure to pay a domestic support obligation that came due before the filing of the petition.

Answer 2

False

Question 3

The debtor must file a Chapter 12 plan not later than days after the order for relief.

Answer 3

90

Question 4

Using the dollar amounts as of April, 1, 2010, the debtor's aggregate debts to be a family fisherman must not exceed ____.

A) $500,000
B) $1,000,000
C) $1,500,000
D) $1,757,475
E) $2,000,000

Question 5

Chapter 12 is only available to family farmers who have regular annual income.

Question 6

The Chapter 12 debtor, unlike his or her Chapter 7 counterpart, is initially a debtor in possession.

Question 7

Although some aspects of Chapter 12 have been patterned after Chapter 11, the procedural aspects of Chapters 12 and 13 are almost identical.

Question 8

The documents required of a debtor in a Chapter 12 case are similar to those required of a debtor in a Chapter 7 case, except for the Chapter 12 plan.

Question 9

Unlike Chapter 13, there is not a case trustee in a Chapter 12 case.

Question 10

How may secured claims be treated in a Chapter 12 plan that would not be permitted in a Chapter 13 plan?

Question 11

How may the role of a Chapter 12 trustee differ from that of a Chapter 13 trustee?

Question 12

Chapter 12 has been expanded to apply to family fishermen.

Question 13

For an individual to be a family farmer, more than ____ of such individual's income must come from farming operations.

A) 33%
B) 40%
C) 50%
D) 66%
E) 75%

Question 14

Confirmation of a Chapter 12 plan requires that the debtor be current on all domestic support obligations that came due after the filing of the petition.

Question 15

Why would a debtor file under Chapter 12 rather than under Chapter 7?

Question 16

To be a family farmer, the debtor's aggregate debts must not exceed ____.

A) $1,000,000
B) $2,527,400
C) $3,792,650
D) $5,000,000
E) there is no limit

Question 17

The Chapter 12 plan may provide for payment of creditors from the debtor's future earnings.

Question 18

There is no codebtor stay in a Chapter 12 case.

Question 19

Contrast the scope of property of the estate in a Chapter 7 case versus a Chapter 12 case.

Question 20

Neither a corporation nor a partnership is eligible to be a debtor under Chapter 12.

Question 21

Briefly describe a Chapter 12 cramdown.