Confirmation of liquidating plan bankruptcy farmer
This page contains summaries of significant developments involving farm and ranch-related as wells as commercial fishing bankruptcies and related legislation.Bankruptcy Court Uses Wrong Standard Concerning Chapter 12 Filing.
Thus, the debtor was not eligible to file Chapter 12 bankruptcy.
The debtor argued that only the secured portion of the debt should be counted because her personal liability had been discharged in a Chapter 7 filing.
The appellate court bankruptcy panel reviewed only whether the Chapter 12 debt limit counts secured debt only up to the value of collateral.
The debtor then filed a Chapter 12 case four months after receiving a discharge in the Chapter 7 case.
The total amount of debt on the debtor's ranch and other property exceeded the Chapter 12 debt limits by more than million.