Word: Chapter 12
Definition:
The chapter of the Bankruptcy Code providing for adjustment of debts of a “family farmer” or “family fisherman,” as the terms are defined in the Bankruptcy Code.
Sample Sentence:
The small dairy farm filed under Chapter 12 to manage its debts while maintaining operations.
Why It Matters:
Chapter 12 provides tailored relief for family farmers and fishermen facing financial hardship.
Quick Tip:
Think of Chapter 12 as the bankruptcy chapter for the agricultural and fishing industries.
Source: https://www.uscourts.gov/glossary
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