Chapter 12 is designed for “family farmers” or “family fishermen” with regular annual income. It enables financially distraught family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Relief under chapter 12 is voluntary, and only the debtor may file a petition under the chapter. Chapter 12 is less complicated, and less expensive than chapter 11, which is better suited to large corporate reorganizations. Few family farmers or fishermen find chapter 12 to be advantageous because it is designed for wage earners who have smaller debts that those facing family farmers. Chapter 12 makes allowance for situations in which family farmers or fishermen have income that is seasonal in nature.
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