A bill to amend title 11 of the United States Code with respect to bankruptcy proceedings involving debtors who are farmers or family farmers.

Summary

Redefines a "farmer" for purposes of Federal bankruptcy law as any person who received more than 75 (currently 80) percent of gross income from farming operations. Defines a "family farmer" as such a person, including a corporation which issues stock: (1) which is not publicly traded; and (2) at least 90 percent of which is held by one family. Allows a family farmer with a regular annual income and with total secured and unsecured debts of less than $1,000,000 to qualify as a debtor under bankruptcy provisions providing for the adjustment of debts of an individual with regular income. Extends by 120 days the periods following the order for relief during which only a debtor may file a reorganization plan and after which any party in interest may file a reorganization plan in the case of a debtor who is a farmer. Extends from five to seven years the maximum period over which payments may be made under a plan providing for the adjustment of debts for an individual with regular income in the case of a debtor who is a family farmer. Directs the court to determine a reasonable time after such a plan is filed by which a debtor who is a family farmer must commence making such payments. (Current law requires payments under such a plan to commence within 30 days after the plan is filed.)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 5 March 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.