This article surveys the bankruptcy options available to farmers, including the legal developments leading to enactment of chapter 12. Part II discusses the farm economy, describing the land boom of the late 1970s, the succeeding bust in the 1980s, and their impact on farmers and farm lenders. Part III discusses the legal options available to farmers and farm creditors when the farm loan is in default. Particular attention is paid to the bankruptcy options available to farmers prior to chapter 12, and the particular features of chapter 11 and chapter 13 bankruptcies that made farm reorganizations difficult. Part IV provides a brief legislative history of chapter 12, discussing the Congressional reaction to the failure of farmers to obtain bankruptcy reorganization relief. Part V discusses chapter 12, including an analysis of how to prepare a chapter 12 reorganization plan.
J. David Aiken,
Chapter 12 Family Farmer Bankruptcy,
66 Neb. L. Rev.
Available at: http://digitalcommons.unl.edu/nlr/vol66/iss4/3