WHAT IS CHAPTER 12 BANKRUPTCY?

Chapter 12 Bankruptcy provides debt reorganization for individuals or partnerships classified as “family farmers” or “family fishermen”. Chapter 12 is nearly identical to Chapter 13, in that it involves establishing a plan to repay debts over the course of a three to five year period. However, Chapter 12 includes several provisional differences that specifically address needs unique to owners in the farm and fishing industries. More information on Utah Chapter 12 Bankruptcy can be found at http://www.dlblaw.com .

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