Chapter 12, Title 11, United States Code
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Chapter 12 refers to Chapter 12 of Title 11 of the United States Code, a chapter of the Bankruptcy Code. This chapter of the Bankruptcy Code is available only to family farmers and fishermen in certain situations. It is similar to Chapter 13 in some ways, but in other ways benefits farmers and fishermen in ways other than that which is available to ordinary U.S. wage earners.
As recently as mid-2004, Chapter 12 was scheduled to expire, but in late 2004 it was renewed and made permanent.
Criticism exists due to the fact that Chapter 12's relatively advantageous provisions are only available to a limited number of filers.
[edit] 2003 Statistics
Bankruptcy filings by individuals:
- Chapter 7 filings: 1,156,284
- Chapter 11 filings: 959
- Chapter 13 filings: 468,562
Bankruptcy filings by businesses:
- Chapter 7 filings: 21,008
- Chapter 11 filings: 9,185
- Chapter 12 filings: 698
- Chapter 13 filings: 5,201
The total number of bankruptcies rose 7.4 percent over the previous twelve months. These totals were for the 12-month period ending September 30, 2003.
Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [1])
[edit] 2004 Statistics
TOTAL bankruptcies:
- Chapter 7 filings: 1,153,865
- Chapter 11 filings: 10,368
- Chapter 12 filings: 238
- Chapter 13 filings: 454,412
Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal year 2004 according to the Administrative Office of the U.S. Courts. During the 12-month period ending September 30, 2004, 1,618,987 bankruptcies were filed, down from the 1,661,996 bankruptcy cases filed in fiscal year 2003.
Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [2])
