A family fisherman with regular income refers to a fisherman whose annual earnings are stable enough to support a repayment plan under Chapter 12 of the U.S. Bankruptcy Code. This designation is important for individuals seeking to reorganize their debts while continuing their fishing business.
This term is primarily used in bankruptcy law, specifically under Chapter 12, which is designed for family farmers and fishermen. It allows these individuals to propose a plan to repay their debts over time while maintaining their operations. Legal forms related to bankruptcy filings can often be managed by individuals using templates provided by services like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A fisherman who has consistently earned a stable income from his fishing business for several years may qualify as a family fisherman with regular income. He can file for Chapter 12 bankruptcy to restructure his debts while continuing to operate his business.
(hypothetical example)
The primary statute governing family fishermen with regular income is found in the U.S. Bankruptcy Code, specifically 11 U.S.C. § 101, which outlines the definitions and qualifications for Chapter 12 bankruptcy.
| Term | Description | Key Differences |
|---|---|---|
| Family Farmer | A farmer whose income is primarily derived from farming activities. | Focuses on agricultural income rather than fishing. |
| Chapter 7 Bankruptcy | A liquidation bankruptcy that allows individuals to discharge most debts. | Does not require stable income and is not specific to family fishermen. |
If you are a family fisherman facing financial difficulties, consider consulting a legal professional who specializes in bankruptcy law. You can also explore US Legal Forms for templates that can help you prepare the necessary documents for filing under Chapter 12.
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Chapter 12 bankruptcy is a form of bankruptcy specifically designed for family farmers and fishermen to reorganize their debts while maintaining their business operations.