Bankruptcy > Special Chapters

Chapter 12

Chapter 12 is similar in nature to Chapter 11 with respect to the debtor submitting a plan for restructuring his debt. However, Chapter 12 applies only to family Agents with regular annual income. The proceeding is commenced only by the filing of a voluntary petition. Upon request by an interested party, the court has the authorization to appoint a trustee. If no trustee is appointed, the debtor may continue to act as a debtor in-possession and manage his business under a confirmed plan.