CHAPTER 16 Creditors’ Rights and Bankruptcy
<ul><li>What is a security interest? What three requirements must be met to create an enforceable security interest?  </li...
Secured Transactions: Terms <ul><li>Secured Party : creditor who has a security interest in debtor’s collateral. </li></ul...
Creating a Security Interest <ul><li>Collateral must be in possession of Creditor or there must be a written agreement des...
Perfecting a Security Interest  <ul><li>Perfection is the legal process by which the secured party protects herself from t...
Scope of Security  Interest  <ul><li>Proceeds: whatever received when collateral sold or disposed of. </li></ul><ul><li>Af...
Scope of Security Interest  <ul><li>Floating Liens </li></ul><ul><ul><li>Security interest in proceeds in after-acquired p...
Priorities <ul><li>General Rule is that a secured party’s interest has priority over the following: </li></ul><ul><ul><li>...
Priorities  <ul><li>Buyers of the Collateral. </li></ul><ul><ul><li>Conflicts with Perfected Secured Party. </li></ul></ul...
Priorities <ul><li>Creditors or Secured Parties. </li></ul><ul><ul><li>Conflicting Perfected Security Interests:  First to...
Default <ul><li>Information Requests. </li></ul><ul><li>Release, Assignment and Amendment. </li></ul><ul><ul><li>Secured p...
Default <ul><li>Not defined by Article 9. Defined in the security agreement. </li></ul><ul><li>If Debtor in default, Secur...
Default <ul><li>Disposition of Collateral: Retention of Collateral by Secured Party (unless PMSI and debtor paid 60% or mo...
Laws Assisting Creditors <ul><li>Liens: </li></ul><ul><ul><li>Mechanic’s Lien (real property). </li></ul></ul><ul><ul><li>...
Laws Assisting Creditors <ul><li>Mortgage Foreclosure. </li></ul><ul><ul><li>Creditor (mortgagee) has the right to foreclo...
Laws Assisting Debtors <ul><li>Homestead Exemption. </li></ul><ul><ul><li>Family home free from claims of unsecured credit...
Bankruptcy and Reorganization <ul><li>Article I, Section 8 of the U.S. Constitution. Federal jurisdiction. </li></ul><ul><...
Bankruptcy and Reorganization <ul><li>Bankruptcy provides different relief: </li></ul><ul><ul><li>Chapter 7: Liquidation (...
Chapter 7-Liquidation <ul><li>Most familiar. </li></ul><ul><li>Any person (including corporation) </li></ul><ul><li>All de...
Chapter 7 <ul><li>Debtor must understand there are other chapters available. </li></ul><ul><li>Debtor does not have to be ...
Chapter 7 <ul><li>Automatic Stay upon Filing of Petition: Either voluntary or involuntary. </li></ul><ul><li>Creditors can...
<ul><li>Ten-thirty days after filing, Court calls meeting of creditors. Debtor is examined under oath about his debts and ...
<ul><li>Allowed unless disputed. </li></ul><ul><li>If claim is disputed or unliquidated, court will decide value. </li></u...
Chapter 7 – Property <ul><li>Debtor’s Estate includes: </li></ul><ul><ul><li>All Debtor’s legal and equitable interests in...
Chapter 7 – Property <ul><li>Estate includes ( cont’d ): </li></ul><ul><ul><li>Proceeds and profits from the property of t...
Chapter 7 – Exempted Property  <ul><li>Up to $18,450 in home equity. </li></ul><ul><li>Up to $2,950 in car. </li></ul><ul>...
Chapter 7 – Trustee’s Role  <ul><li>Court-appointed until first meeting of creditors. </li></ul><ul><li>Creditors elect pe...
Chapter 7 – Trustee’s Powers <ul><li>Trustee has rights to get Debtor’s property back from those Creditors that he can def...
Trustee – Preference  <ul><li>A Debtor is not permitted to transfer property or make a payment that favors—or gives a pref...
Trustee – Preference <ul><li>Trustee can use preferential payment to pay a real  preexisting debt,  not for current consid...
Trustee -- Liens <ul><li>Trustee can avoid statutory liens that became effective when bankruptcy petition filed, or when d...
Fraudulent Transfers <ul><li>Trustee may avoid fraudulent transfers made within one year of filing of petition. </li></ul>...
<ul><li>If Secured property: </li></ul><ul><ul><li>Consumer debtors.  </li></ul></ul><ul><ul><ul><li>Have 30 days from fil...
<ul><li>Unsecured property: </li></ul><ul><ul><li>Paid according to bankruptcy law. </li></ul></ul><ul><ul><li>All of one ...
Chapter 7 -- Discharge <ul><li>Exemptions.  </li></ul><ul><li>Objections to Discharge. </li></ul><ul><li>Effect of Dischar...
Exceptions to Discharge <ul><li>Claims for back taxes. </li></ul><ul><li>Claims for amounts borrowed by Debtor to pay fede...
Chapter 7 -- Reaffirmation <ul><li>Debtor may wish to pay a debt notwithstanding the debt could be discharged in bankruptc...
Chapter 11 --Reorganization <ul><li>Chapter 11—Corporations. Debtor and Creditors formulate a plan under which the Debtor ...
Chapter 11 <ul><li>“Fast tract” Chapter 11 for small business debtors whose liabilities do no exceed $2 million and who do...
Chapter 11 <ul><li>Debtor in Possession  (DIP). </li></ul><ul><ul><li>Trustee may be appointed. </li></ul></ul><ul><ul><li...
Chapter 11 <ul><li>Reorganization Plan. </li></ul><ul><ul><li>Acceptance and Confirmation of the Plan. </li></ul></ul><ul>...
<ul><li>Chapter 13: Individuals’ Repayment Plans.  For individuals with regular income who owe fixed unsecured debts of <$...
Chapter 13–Repayment  <ul><li>Repayment Plan. </li></ul><ul><ul><li>For all or a portion of debts to be paid during a peri...
<ul><li>Chapter 12: Family Farmer Plans. </li></ul><ul><ul><li>“Family Farmer”:  50% of gross income comes from farming an...
Upcoming SlideShare
Loading in …5
×

Chapter 16

5,032 views

Published on

Bankruptcy

Published in: Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
5,032
On SlideShare
0
From Embeds
0
Number of Embeds
57
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Chapter 16

  1. 1. CHAPTER 16 Creditors’ Rights and Bankruptcy
  2. 2. <ul><li>What is a security interest? What three requirements must be met to create an enforceable security interest? </li></ul><ul><li>What is a prejudgment attachment? What is a writ of execution? How does a creditor use these remedies? </li></ul><ul><li>What is garnishment? When might a creditor undertake a garnishment proceeding? </li></ul><ul><li>In a bankruptcy proceeding, what constitutes the debtor’s estate in property? What property is exempt under federal bankruptcy law? </li></ul><ul><li>In Chapter 11, what is the role of the debtor in possession? </li></ul>Learning Objectives
  3. 3. Secured Transactions: Terms <ul><li>Secured Party : creditor who has a security interest in debtor’s collateral. </li></ul><ul><li>Debtor : person who owes payment of a secured obligation. </li></ul><ul><li>Security Interest : interest in the collateral that secures the performance. </li></ul><ul><li>Security Agreement : agreement that creates or provides for a security interest. </li></ul><ul><li>Collateral : subject of the security interest. </li></ul><ul><li>Financing Statement : normally filed with public notice to third parties. </li></ul>
  4. 4. Creating a Security Interest <ul><li>Collateral must be in possession of Creditor or there must be a written agreement describing the collateral signed by Debtor. </li></ul><ul><ul><li>Creditor must give something of value to Debtor. </li></ul></ul><ul><ul><li>Debtor must have “rights” in collateral. </li></ul></ul><ul><li>Once these requirements are met, the creditor’s rights “ATTACH” to the collateral, giving the creditor an enforceable security interest. </li></ul>
  5. 5. Perfecting a Security Interest <ul><li>Perfection is the legal process by which the secured party protects herself from third party claims against the same collateral. </li></ul><ul><li>Perfection by Filing a Financing Statement. </li></ul><ul><li>Perfection Without Filing. </li></ul><ul><ul><li>Collateral is in the possession of the Secured Party. </li></ul></ul><ul><ul><li>Purchase Money Security Interest (financing). </li></ul></ul><ul><li>Changes in Debtor’s Name. </li></ul><ul><ul><li>Cabool State Bank v. Radio Shack, Inc. (2002). </li></ul></ul>
  6. 6. Scope of Security Interest <ul><li>Proceeds: whatever received when collateral sold or disposed of. </li></ul><ul><li>After-Acquired Property. </li></ul><ul><ul><li>Security Agreement may provide for a security interest in property acquired after execution of security agreement. </li></ul></ul><ul><li>Future Advances. </li></ul><ul><ul><li>Continuing line of credit. </li></ul></ul><ul><ul><li>Subject to security interest. </li></ul></ul>
  7. 7. Scope of Security Interest <ul><li>Floating Liens </li></ul><ul><ul><li>Security interest in proceeds in after-acquired property, or </li></ul></ul><ul><ul><li>Collateral subject to future advances. </li></ul></ul>
  8. 8. Priorities <ul><li>General Rule is that a secured party’s interest has priority over the following: </li></ul><ul><ul><li>Unsecured creditor. </li></ul></ul><ul><ul><li>Unperfected secured party. </li></ul></ul><ul><ul><li>Subsequent lien creditor. </li></ul></ul><ul><ul><li>Trustee in bankruptcy. </li></ul></ul><ul><ul><li>Buyers who do not purchase collateral in the course of Seller’s business. </li></ul></ul>
  9. 9. Priorities <ul><li>Buyers of the Collateral. </li></ul><ul><ul><li>Conflicts with Perfected Secured Party. </li></ul></ul><ul><ul><li>Buyers in the Ordinary Course of Business. </li></ul></ul><ul><ul><li>Buyers not in the Ordinary Course of Business of Consumer Goods. </li></ul></ul><ul><ul><li>Buyers of Chattel Paper. </li></ul></ul><ul><ul><li>Buyers of Instruments, documents or securities. </li></ul></ul><ul><ul><li>Buyers of Farm Products. </li></ul></ul><ul><li>Generally, Buyers in the ordinary course of business take goods free from security interest. </li></ul>
  10. 10. Priorities <ul><li>Creditors or Secured Parties. </li></ul><ul><ul><li>Conflicting Perfected Security Interests: First to Perfect has Priority. </li></ul></ul><ul><ul><li>Conflicting Un perfected Security Interests: First to Attach has Priority. </li></ul></ul><ul><ul><li>Conflicting Perfected Security Interests in Commingled or Processed Goods. </li></ul></ul><ul><li>First-in-Time Rule. </li></ul>
  11. 11. Default <ul><li>Information Requests. </li></ul><ul><li>Release, Assignment and Amendment. </li></ul><ul><ul><li>Secured party can release all or part of the interest. </li></ul></ul><ul><ul><li>Secured party can assign all or part of the interest. </li></ul></ul><ul><ul><li>Parties can agree to amend the financing statement. </li></ul></ul><ul><li>Termination. </li></ul><ul><ul><li>When Debtor has fully paid the debt, secured party must release security interest and file a termination statement. </li></ul></ul>
  12. 12. Default <ul><li>Not defined by Article 9. Defined in the security agreement. </li></ul><ul><li>If Debtor in default, Secured Party can: </li></ul><ul><ul><li>Relinquish a security interest and use any judicial proceeding on the underlying debt (execution and levy). </li></ul></ul><ul><ul><li>Take peaceful or judicial possession of the collateral. </li></ul></ul>
  13. 13. Default <ul><li>Disposition of Collateral: Retention of Collateral by Secured Party (unless PMSI and debtor paid 60% or more). </li></ul><ul><ul><li>Notice Required. If objection, then Secured Party must sell property. </li></ul></ul><ul><ul><li>Disposition Procedures: </li></ul></ul><ul><ul><li>Commercially reasonable manner. </li></ul></ul><ul><ul><li>Public sale with notice. </li></ul></ul><ul><li>Distribution of Proceeds </li></ul><ul><ul><li>Expenses  balance of debt  junior liens  then balance to secured party. </li></ul></ul>
  14. 14. Laws Assisting Creditors <ul><li>Liens: </li></ul><ul><ul><li>Mechanic’s Lien (real property). </li></ul></ul><ul><ul><li>Artisan’ Lien (personal property). </li></ul></ul><ul><ul><li>Innkeeper’s Lien (baggage of guests). </li></ul></ul><ul><ul><li>Judicial Lien: </li></ul></ul><ul><ul><ul><li>Attachment: court-ordered seizure of property. </li></ul></ul></ul><ul><ul><ul><li>Writ of Execution: court-ordered sale. </li></ul></ul></ul><ul><li>Garnishment. </li></ul><ul><ul><li>Creditor permitted to collect a debt by seizing property held by third party (usually wages held by debtor’s employer). </li></ul></ul>
  15. 15. Laws Assisting Creditors <ul><li>Mortgage Foreclosure. </li></ul><ul><ul><li>Creditor (mortgagee) has the right to foreclose on property upon debtor’s (mortgagor) default. </li></ul></ul><ul><li>Suretyship and Guaranty. </li></ul><ul><ul><li>Third person promises to pay debt owed by another. </li></ul></ul><ul><ul><ul><li>Surety (3 rd person is primarily liable). </li></ul></ul></ul><ul><ul><ul><li>Guaranty (3 rd person is secondarily liable). </li></ul></ul></ul><ul><ul><ul><ul><li>JSV, Inc. v. Hene Meat Co. (2003). </li></ul></ul></ul></ul>
  16. 16. Laws Assisting Debtors <ul><li>Homestead Exemption. </li></ul><ul><ul><li>Family home free from claims of unsecured creditors or trustees in bankruptcy. </li></ul></ul><ul><li>Other Exemptions: </li></ul><ul><ul><li>Household furniture. </li></ul></ul><ul><ul><li>Clothing and personal possessions. </li></ul></ul><ul><ul><li>Vehicle. </li></ul></ul><ul><ul><li>Tools of the trade. </li></ul></ul>
  17. 17. Bankruptcy and Reorganization <ul><li>Article I, Section 8 of the U.S. Constitution. Federal jurisdiction. </li></ul><ul><li>Bankruptcy Reform Act of 1978, amended by Reform Act of 1994. </li></ul><ul><li>Federal court under U.S. district court, can appeal to district courts. </li></ul><ul><li>Federally appointed judges. </li></ul>
  18. 18. Bankruptcy and Reorganization <ul><li>Bankruptcy provides different relief: </li></ul><ul><ul><li>Chapter 7: Liquidation (wipe out all debt). </li></ul></ul><ul><ul><li>Chapter 11: Corporate Reorganizations. </li></ul></ul><ul><ul><li>Chapter 12: Family Farmers. </li></ul></ul><ul><ul><li>Chapter 13: Adjustment of Individuals’ Debts with a payment plan. </li></ul></ul>
  19. 19. Chapter 7-Liquidation <ul><li>Most familiar. </li></ul><ul><li>Any person (including corporation) </li></ul><ul><li>All debts are discharged. </li></ul><ul><li>Begins with a voluntary or involuntary Filing of a Petition (Automatic Stay). </li></ul><ul><ul><li>Voluntary: filed by debtor. </li></ul></ul><ul><ul><li>Involuntary: creditors force debtor to file. </li></ul></ul><ul><li>Order for Relief. </li></ul>
  20. 20. Chapter 7 <ul><li>Debtor must understand there are other chapters available. </li></ul><ul><li>Debtor does not have to be insolvent. </li></ul><ul><li>List secured and unsecured creditors and addresses and amount of money owed. List of all property owned including property claimed; current income and expenses. </li></ul><ul><li>Swear to these and sign. Federal crime to misrepresent. </li></ul>
  21. 21. Chapter 7 <ul><li>Automatic Stay upon Filing of Petition: Either voluntary or involuntary. </li></ul><ul><li>Creditors cannot commence or continue most legal actions. </li></ul><ul><li>Damages for violation of stay. </li></ul><ul><li>Creditors can get “adequate protection.” </li></ul><ul><ul><li>Periodic or one time cash payments or equivalent. </li></ul></ul>
  22. 22. <ul><li>Ten-thirty days after filing, Court calls meeting of creditors. Debtor is examined under oath about his debts and assets. </li></ul><ul><li>Within 90 days, Creditors must file “proof of claim” with court clerk. </li></ul><ul><li>Leases cannot be for more than one year. </li></ul>Chapter 7--Creditors
  23. 23. <ul><li>Allowed unless disputed. </li></ul><ul><li>If claim is disputed or unliquidated, court will decide value. </li></ul><ul><li>It is a crime to file false claim. </li></ul><ul><li>Employment contracts and real estate. </li></ul>Chapter 7--Creditors
  24. 24. Chapter 7 – Property <ul><li>Debtor’s Estate includes: </li></ul><ul><ul><li>All Debtor’s legal and equitable interests in property presently held, including community property, </li></ul></ul><ul><ul><li>Property transferred in a “voidable” transaction, and </li></ul></ul><ul><ul><li>Property which Debtor becomes entitled within 180 days after filing. </li></ul></ul>
  25. 25. Chapter 7 – Property <ul><li>Estate includes ( cont’d ): </li></ul><ul><ul><li>Proceeds and profits from the property of the estate. </li></ul></ul><ul><ul><li>After-acquired property such as inheritances, property settlements, and life insurance death proceeds. </li></ul></ul>
  26. 26. Chapter 7 – Exempted Property <ul><li>Up to $18,450 in home equity. </li></ul><ul><li>Up to $2,950 in car. </li></ul><ul><li>Up to $9,850 in personal possessions (up to $450 per item). </li></ul><ul><li>Up to $1,225 in jewelry. </li></ul><ul><li>Up to $1,850 in tools. </li></ul><ul><li>Social security, alimony and support payments. </li></ul>
  27. 27. Chapter 7 – Trustee’s Role <ul><li>Court-appointed until first meeting of creditors. </li></ul><ul><li>Creditors elect permanent trustee </li></ul><ul><li>Administers estate. </li></ul><ul><li>Collects proceeds, liquidates assets and pay Creditors in order of priority. </li></ul>
  28. 28. Chapter 7 – Trustee’s Powers <ul><li>Trustee has rights to get Debtor’s property back from those Creditors that he can defeat by asserting the rights of: </li></ul><ul><ul><li>Debtor against the creditors. </li></ul></ul><ul><ul><li>Lien creditors against the creditors. </li></ul></ul><ul><ul><li>Bona fide purchaser against the creditors. </li></ul></ul><ul><ul><li>Trustee still loses to the PMSI creditor who perfects within his “magic” 10-day period. </li></ul></ul><ul><li>Trustee can stand in shoes of debtor and assert any lack of capacity or lack of assent. </li></ul>
  29. 29. Trustee – Preference <ul><li>A Debtor is not permitted to transfer property or make a payment that favors—or gives a preference to—one creditor over another. </li></ul><ul><li>For a Trustee to recover preferential payment, Debtor must be insolvent and transferred property for pre-existing debt within previous 90 days. </li></ul>
  30. 30. Trustee – Preference <ul><li>Trustee can use preferential payment to pay a real preexisting debt, not for current consideration. </li></ul><ul><li>Creditor gets more than he would in a Chapter 7. </li></ul><ul><li>Consumer can transfer up to $600 without constituting a preference. </li></ul>
  31. 31. Trustee -- Liens <ul><li>Trustee can avoid statutory liens that became effective when bankruptcy petition filed, or when debtor became insolvent. </li></ul><ul><li>Can avoid liens which were unperfected on date of bankruptcy. </li></ul>
  32. 32. Fraudulent Transfers <ul><li>Trustee may avoid fraudulent transfers made within one year of filing of petition. </li></ul><ul><li>Trustee may proceed under state law for fraud with a 3 year statute of limitations. </li></ul>
  33. 33. <ul><li>If Secured property: </li></ul><ul><ul><li>Consumer debtors. </li></ul></ul><ul><ul><ul><li>Have 30 days from filing petition or before first meeting of creditors. </li></ul></ul></ul><ul><ul><ul><li>Debtor must tell what she intends to do with collateral-- keep or surrender. </li></ul></ul></ul><ul><ul><ul><li>Trustee must enforce within 45 days. </li></ul></ul></ul><ul><ul><li>If surrenders: creditor can keep or sell. </li></ul></ul><ul><ul><ul><li>If creditor keeps = full satisfaction of debt. </li></ul></ul></ul><ul><ul><ul><li>If creditor sells = can use extra for costs, or can become unsecured creditor for deficiency. </li></ul></ul></ul>Chapter 7—Property Distribution
  34. 34. <ul><li>Unsecured property: </li></ul><ul><ul><li>Paid according to bankruptcy law. </li></ul></ul><ul><ul><li>All of one class must be paid before moving to next. </li></ul></ul><ul><ul><li>Creditor within last class receive proportionately if not enough. </li></ul></ul><ul><ul><li>See Priority List in text. </li></ul></ul><ul><ul><li>All creditors paid, trustee gives extra back to debtor. </li></ul></ul>Chapter 7—Property Distribution
  35. 35. Chapter 7 -- Discharge <ul><li>Exemptions. </li></ul><ul><li>Objections to Discharge. </li></ul><ul><li>Effect of Discharge. </li></ul><ul><li>Revocation of Discharge. </li></ul><ul><li>Reaffirmation of a Debt. </li></ul>
  36. 36. Exceptions to Discharge <ul><li>Claims for back taxes. </li></ul><ul><li>Claims for amounts borrowed by Debtor to pay federal taxes. </li></ul><ul><li>Claims against property/money obtained by Debtor under false pretenses. </li></ul><ul><li>Claims by Creditors who did not know about bankruptcy. </li></ul><ul><ul><li>In re Jercich (2001). </li></ul></ul>
  37. 37. Chapter 7 -- Reaffirmation <ul><li>Debtor may wish to pay a debt notwithstanding the debt could be discharged in bankruptcy. </li></ul><ul><li>Agreement is filed with court. </li></ul><ul><li>Debtor can rescind agreement at any time. </li></ul>
  38. 38. Chapter 11 --Reorganization <ul><li>Chapter 11—Corporations. Debtor and Creditors formulate a plan under which the Debtor pays a portion of its debts and is discharged of the rest. </li></ul><ul><li>Same debtors as are eligible under Chapter 7. </li></ul>
  39. 39. Chapter 11 <ul><li>“Fast tract” Chapter 11 for small business debtors whose liabilities do no exceed $2 million and who do not own or manage real estate. </li></ul><ul><li>“Workouts” (private negotiated settlements). </li></ul>
  40. 40. Chapter 11 <ul><li>Debtor in Possession (DIP). </li></ul><ul><ul><li>Trustee may be appointed. </li></ul></ul><ul><ul><li>DIP has same powers as trustee in Chapter 7. </li></ul></ul><ul><ul><ul><li>Strong-arm clause. </li></ul></ul></ul><ul><li>Collective Bargaining Agreements. </li></ul><ul><li>Creditors Committees. </li></ul>
  41. 41. Chapter 11 <ul><li>Reorganization Plan. </li></ul><ul><ul><li>Acceptance and Confirmation of the Plan. </li></ul></ul><ul><ul><ul><li>In re Beyond.com Corp. (2003). </li></ul></ul></ul><ul><ul><li>Rehabilitates debtor and conserves estate </li></ul></ul><ul><ul><li>Plan must be equitable and: </li></ul></ul><ul><ul><ul><li>Designate classes of claims and interests. </li></ul></ul></ul><ul><ul><ul><li>Specify treatment to be afforded the classes. </li></ul></ul></ul><ul><ul><ul><li>Provide adequate means for execution. </li></ul></ul></ul>
  42. 42. <ul><li>Chapter 13: Individuals’ Repayment Plans. For individuals with regular income who owe fixed unsecured debts of <$307,675 or fixed secured debts of <$922,975. </li></ul><ul><li>Not for partnerships or corporations. </li></ul>Chapter 13—Individuals’ Repayment Plan
  43. 43. Chapter 13–Repayment <ul><li>Repayment Plan. </li></ul><ul><ul><li>For all or a portion of debts to be paid during a period not to exceed 3 years. </li></ul></ul><ul><ul><li>Confirmation of the Plan. </li></ul></ul><ul><ul><ul><li>Hearing for interested parties to object to plan. </li></ul></ul></ul><ul><ul><ul><li>Court will confirm (order) the plan after creditors approve. </li></ul></ul></ul><ul><ul><li>Objections to the Plan. </li></ul></ul><ul><li>Discharge balance of debt (after completion of all payments in the plan). </li></ul>
  44. 44. <ul><li>Chapter 12: Family Farmer Plans. </li></ul><ul><ul><li>“Family Farmer”: 50% of gross income comes from farming and whose debts are 80% farm related. </li></ul></ul><ul><ul><li>Procedure for filing. </li></ul></ul><ul><ul><li>Content of plan. </li></ul></ul><ul><ul><li>Court confirmation. </li></ul></ul>Chapter 12—Family Farmer

×