2018 WL 1279252, United States Bankruptcy Appellate Panel of the Sixth Circuit, IN RE: Tony Dian PERKINS, Debtor. Farmers plan confirmed. Chapter 12 of the Bankruptcy law was to “give family farmers facing bankruptcy a fighting chance to reorganize their debts and keep their land.” [citation omitted]. Prior to Chapter 12, family farmers could proceed under either Chapter 11 or Chapter 13. However, most farmers were burdened with too much debt to qualify for Chapter 13, and Chapter 11 was “needlessly complicated, unduly time-consuming, inordinately expensive and, in too many cases, unworkable.” To avoid Chapter 11’s needless expense and complexity, Congress “closely modeled [Chapter 12] after existing Chapter 13,” while relaxing the debt limits and filing deadlines that had left farmers ineligible for Chapter 13. Internal Citations Omitted.
Posted Mar 15, 2018
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