Danny grows produce that he sells to local grocers and at farmer's markets. There was a drought over the past 2 years, causing many of Danny's crops to fail. Finally Danny decided that he had to file for bankruptcy. Under which chapter of the Bankruptcy Code should Danny file?

Question

Quizplus · Accepted Answer

Danny should file under chapter 12 of the Bankruptcy Code. Chapter 12 has specific provisions for farmers and fishermen. To qualify, more than 50% of the filer's income must be derived from farming or fishing. Danny could, however, file under other provisions of the Bankruptcy Code as well.

Danny Grows Produce That He Sells to Local Grocers and at Farmer's