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1 (February 6, 2004)

handle is hein.crs/crsmthabadq0001 and id is 1 raw text is: Order Code RS20742 Updated February 6, 2004 CRS Report for Congress Received through the CRS Web Chapter 12 of the U.S. Bankruptcy Code: Family Farmer Reorganization Robin Jeweler Legislative Attorney American Law Division Summary Chapter 12 of the U.S. Bankruptcy Code, dealing with family farmer reorganization, expired on January 1, 2004. In the absence of chapter 12, insolvent farmers' bankruptcy options include reorganization under chapter 11 or 13, or liquidation under chapter 7. The most recent temporary extension of chapter 12 was effected by P.L. 108-73, which was retroactive to the previous extension through July 1, 2003. The 107th Congress enacted five temporary extensions of the chapter. P.L. 107- 377, extended chapter 12 through July 1, 2003. P.L. 107-170 extended chapter 12 through June 1, 2002. It was signed by President Bush on May 7, 2002. P.L. 107-171, the Farm Security and Rural Investment Act of 2002, was signed by the President on May 13, 2002. With the exception of P.L. 107-377 and P.L. 107-171, which applied the extension prospectively, prior temporary extensions were applied retroactively. Retroactive reinstatement was intended to benefit debtors who may have filed under alternative chapters of the Code during a period when chapter 12 was not in effect who wanted to convert their cases to chapter 12. On May 5, 2001, President Bush signed P.L. 107-8 which extended chapter 12 through June 1, 2001. On June 26, 2001, President Bushed signed another extension, P.L. 107-17, which extended chapter 12 through October 1, 2001. 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.1 It is 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 1 P.L. 99-554 (Oct. 27, 1986). Congressional Research Service **o The Library of Congress

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