Which of the following is required to file Chapter 12 bankruptcy?
A) At least half of the debt must be farm related?
B) At least 90 percent of the debt must be farm related
C) Total debt must be under $1 million
D) The farmer must be 100 percent insolvent.
E) The farmer must be completely unable to pay any money towards creditors

Question

Quizplus · Accepted Answer

Chapter 12 bankruptcy is specifically designed for family farmers and fishermen, and one of the requirements is that at least 50% of the debt must be related to the farming or fishing operation.

Which of the Following Is Required to File Chapter 12