Bankruptcy and Insolvency R07-03B

Provide some key features of the Chapter 12 bankruptcy.

1. Voluntary petition.
2. 50% of gross income from the prior year, must come from farming and fishing.
3. If farming, 50% of total debt must relate to farming.
4. If fishing, 80% of total debt must relate to fishing.
5. The total maximum of secured and unsecured debt limit is adjusted annually.
6. Interim trustee is appointed by the court.