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1 1 (August 2, 2005)

handle is hein.crs/crsahmf0001 and id is 1 raw text is: Order Code RS20742 Updated August 2, 2005 CRS Report for Congress Received through the CRS Web Chapter 12 of the U.S. Bankruptcy Code: Reorganization of a Family Farmer or Fisherman Robin Jeweler Legislative Attorney American Law Division Summary Chapter 12 of the U.S. Bankruptcy Code dealing with family farmer reorganization, temporarily extended 11 times since its original enactment, is made permanent by enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act, P.L. 109-8. It is amended to include family fisherman as well. This report surveys the highlights of this chapter. Background. In 1986, Congress added chapter 12 entitled Adjustments of Debts of a Family Farmer with Regular Annual Income to the U.S. Bankruptcy Code.' It was modeled after chapter 13, which governs consumer reorganization. Chapter 12 was created to provide farmers with the opportunity to reorganize and thus to preserve their farms through a streamlined and expeditious bankruptcy process. Intended to respond to the downturn in the farm economy in the 1980s, it was considered experimental.2 Originally enacted as a temporary measure with a sunset date of October 1, 1993,3 it was extended 11 times.4 With enactment of the Bankruptcy Abuse Prevention and Consumer 1 P.L. 99-554 (Oct. 27, 1986). 2 H.Rept. 103-32, 103d Cong., Pt Sess. 3 (1993). 3 P.L. 99-554, §302(f). 4 P.L. 103-65 (extension through Sept. 30 1998); P.L. 105-277 (extension through April 1, 1999); P.L. 106-5 (extension through October 1, 1999); P.L. 106-70 (extension through July 1, 2000); P.L. 107-8 (extension through June 1, 2001); P.L. 107-17 (extension through October 1, 2001); P.L. 107-170 (extension through June 1, 2002); P.L. 107-171 (extension through January 1, 2003); P.L. 107-377 (extension through July 1, 2003); P.L. 108-73 (extension through Jan. 1, 2004); and P.L. 108-369 (extension through July 1, 2005). With the exception of P.L. 107-377 and P.L. 107-171, which applied the extension prospectively, other extensions applied retroactively. Congressional Research Service 4- The Library of Congress

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