Chapter 12 operates very much like Chapters 11 and 13, providing for a reorganization plan where the Debtor retains their assets while repaying creditors all or a portion of their debts over a set period of time. The added benefit of a Chapter 12 is the middle ground between the short time frame and limited powers of Chapter 13, and the longer plan period and broader powers provided in Chapter 11.
Just like in Chapters 11 and 13, the goal of the family farmer in Chapter 12 is to reorganize by restructuring and, in most cases, shedding unwanted debt. Chapter 12 also allows a debtor to pay their secured claims over a period of time greater than 5 years. This applies to both long-term and short-term secured debt and can even apply to debt that has fully matured prior to the bankruptcy case being filed.
Contact us for more on how Chapter 12 can preserve what you have worked so hard for.