Chapter 12 sets a $4,153,150 debt ceiling for farmers and is available to partnerships and corporations regardless of stock ownership.

Question

Quizplus · Accepted Answer

Chapter 12 bankruptcy is specifically designed for "family farmers" and "family fishermen" with regular annual income. It allows financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. The debt ceiling for Chapter 12 bankruptcy filings is adjusted periodically to reflect changes in the economy, but the statement's specifics about the debt ceiling and applicability to partnerships and corporations regardless of stock ownership do not accurately describe the limitations and qualifications for Chapter 12 filers.

Chapter 12 Sets a $4,153,150 Debt Ceiling for Farmers and Is