Chapter 12 of the Bankruptcy Code applies to individuals or couples engaged in farming if 50 percent of their gross income is from farming and aggregate debts do not exceed $1 million.

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Chapter 12 of the Bankruptcy Code applies to family farmers or fishermen with regular annual income, and the debt limits and income requirements have been updated over time. As of the latest updates, the debt limit is significantly higher than $1 million.

Chapter 12 of the Bankruptcy Code Applies to Individuals or Couples