family farmer
family farmer
Under Title 11 U.S.C. Section 101:
(18) The term "family farmer" means—
(A) individual or individual and spouse engaged in a farming operation whose aggregate debts do not exceed $3,237,000 and not less than 50 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse unless such debt arises out of a farming operation), on the date the case is filed, arise out of a farming operation owned or operated by such individual or such individual and spouse, and such individual or such individual and spouse receive from such farming operation more than 50 percent of such individual's or such individual and spouse's gross income for—
(i) the taxable year preceding; or
(ii) each of the 2d and 3d taxable years preceding;
the taxable year in which the case concerning such individual or such individual and spouse was filed; or
(B) corporation or partnership in which more than 50 percent of the outstanding stock or equity is held by one family, or by one family and the relatives of the members of such family, and such family or such relatives conduct the farming operation, and
(i) more than 80 percent of the value of its assets consists of assets related to the farming operation;
(ii) its aggregate debts do not exceed $3,237,000 and not less than 50 percent of its aggregate noncontingent, liquidated debts (excluding a debt for one dwelling which is owned by such corporation or partnership and which a shareholder or partner maintains as a principal residence, unless such debt arises out of a farming operation), on the date the case is filed, arise out of the farming operation owned or operated by such corporation or such partnership; and
(iii) if such corporation issues stock, such stock is not publicly traded.

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

Look at other dictionaries:

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  • family farmer bankruptcy — (Chapter 12) Chapter 12 of the Bankruptcy Code provides special debt repayment relief for a family farmer with regular income whose annual income is sufficiently stable and regular to enable such farmer to make payments under a plan as provided… …   Black's law dictionary

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  • farmer — A cultivator; a husbandman; an agriculturist; one engaged in agricultural pursuits as a livelihood or business, Skinner v. Dingwell, C.C.A.Iowa, 134 F.2d 391, 393; one engaged in dairy farming and in production of poultry or livestock, Leonard v …   Black's law dictionary

  • farmer bankruptcy — See bankruptcy proceedings (family farmer bankruptcy) …   Black's law dictionary

  • farmer — A cultivator; a husbandman; an agriculturist; one engaged in agricultural pursuits as a livelihood or business, Skinner v. Dingwell, C.C.A.Iowa, 134 F.2d 391, 393; one engaged in dairy farming and in production of poultry or livestock, Leonard v …   Black's law dictionary

  • farmer bankruptcy — See bankruptcy proceedings (family farmer bankruptcy) …   Black's law dictionary

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