Bankruptcy Tutor
A plan to extend bankruptcy protections for family farmers has made more headway last week. U.S. Senator Russ Feingold announced that the Senate has passed legislation that extends Chapter 12 of the bankruptcy code until June 30, 2005, retroactive to January 1, 2004. Chapter 12 allows family farmers to seek protection from creditors when they fall on hard times, without liquidating their farms.
"Chapter 12 protections are vital to family farms in Wisconsin and across the country," Feingold said. "I hope that the House hears our call, and the calls of farmers everywhere, and quickly takes up and renews Chapter 12. Every day of delay punishes hardworking Wisconsin farmers facing extraordinary economic pressures."
Chapter 12 is a special part of the bankruptcy code available only to family farmers. It was enacted in 1985 as a seven-year trial and has been extended ten times since then.
Meanwhile, Feingold has introduced legislation with Senators Chuck Grassley and Patrick Leahy that would make Chapter 12 permanent, and Representatives Tammy Baldwin and Nick Smith have introduced legislation in the House to temporarily extend Chapter 12.
"Chapter 12 protections are vital to family farms in Wisconsin and across the country," Feingold said. "I hope that the House hears our call, and the calls of farmers everywhere, and quickly takes up and renews Chapter 12. Every day of delay punishes hardworking Wisconsin farmers facing extraordinary economic pressures."
Chapter 12 is a special part of the bankruptcy code available only to family farmers. It was enacted in 1985 as a seven-year trial and has been extended ten times since then.
Meanwhile, Feingold has introduced legislation with Senators Chuck Grassley and Patrick Leahy that would make Chapter 12 permanent, and Representatives Tammy Baldwin and Nick Smith have introduced legislation in the House to temporarily extend Chapter 12.
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