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Rhode Island Bankruptcy Law Center at Fabisch Law, L.L.C.
For a free bankruptcy evaluation Call (401) 324-9344

Chapter 12 - "Family Fisherman" Bankruptcy

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Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Under chapter 12, debtors propose a repayment plan to make installments to creditors over three to five years. In tailoring bankruptcy law to meet the economic realities of family farming and the family fisherman, chapter 12 eliminates many of the barriers such debtors would face if seeking to reorganize under either chapter 11 or 13 of the Bankruptcy Code. For example, chapter 12 is more streamlined, less complicated, and less expensive than chapter 11, which is better suited to large corporate reorganizations. In addition, few family farmers or fishermen find chapter 13 to be advantageous because it is designed for wage earners who have smaller debts than those facing family farmers. In chapter 12, Congress sought to combine the features of the Bankruptcy Code which can provide a framework for successful family farmer and fisherman reorganizations.

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  • About
    • Staff
    • Firm News
  • Practice Areas
    • Personal Injury >
      • Rhode Island Auto Accident Attorney
      • Rhode Island Trucking Accident Attorney
      • Rhode Island Slip and Fall Attorney
      • Rhode Island Dog Bite Attorney
      • Rhode Island Medical Malpractice Attorney
      • Rhode Island and Massachusetts Wrongful Death Lawyer
    • Elder Law and Estate Planning >
      • Estate Planning for Young Families
      • Retirement, Long-Term Care, and Estate Planning for Seniors
      • Nursing Home and Medicaid Planning
      • Special Needs Planning & Guardianship
    • Probate and Estate Administration
  • Articles
    • Probate and Estate Planning Blog
  • Other Professionals
  • Schedule an Appointment
  • Pay My Bill