Bankruptcy

Overviewcontentphoto_bankruptcy

Bankruptcy laws enable debtors in financial distress to settle their obligations by petitioning a federal court and developing a plan to either reorganize the debt or divide available assets among creditors. Bankruptcy thus allows certain debtors to escape amassed debt, which may not be paid in full, providing them with a “fresh start” upon completion of the bankruptcy process. Bankruptcy also creates an avenue for creditors to fairly and equitably share in the available assets of the debtor. Liquidation may be the only choice for a farmer too deeply in debt to recover, while reorganization may enable farmers to keep their land. Municipal and business bankruptcies may also impact agriculture enterprises. Each type of bankruptcy proceeding has a potential impact on farmers and agriculture as a whole. Read the full overview

 

Note: Recently added resources are posted at the top of the applicable sections.


Major Statutes

United States Bankruptcy Code, 11 U.S.C. §§ 101-1330

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub.L.No. 109-8, 119 Stat. 223 (codified in scattered sections of 11 U.S.C.)

Updated Compilation of States’ Statutory Agricultural Lien Charts


Regulations

Federal Rules of Bankruptcy Procedure, 1001-9036

Federal Register Rules Open for Comment


Case Law

Case Law Index for Agricultural Bankruptcy


Center Research Publications

Updated Statutory Agricultural Lien Charts (Springsteen and Fiser, 2009)

Bankruptcy Reform and Family Farmers: Correcting the Disposable Income Problem (Schneider, 2006)

2005 Commercial Law Update (Meyer, 2006)

Are You a Debt Relief Agency? You Might Be Surprised and You Should Be Concerned (Schneider, 2006)

An Introduction to Chapter 12 Bankruptcy: Restructuring the Family Farm (Schneider)

Bankruptcy Reform: Changes to Chapter 12 – Adjustment of Debts of a Family Farmer (Schneider, 2005)

Bankruptcy Reform and Family Farmers (Schneider, 2005)

Determining the Proper “Cramdown” Rate of Interest Post-Till v. SCS Credit Corp. (Pittman, 2004)

Agricultural Zoning, Bankruptcy, and the Rural Homestead (Laurence, 2003)

Husband and Wife Farmers in Ag Bankruptcies: “Tools of the Trade” Exemption (Pittman, 2002)

Statutory Ag Liens Under Revised Article 9 (Schneider, 2002)


Congressional Research Service Reports

CRS Subject(s):

Bankruptcy


Agricultural Law Bibliography

Introduction   |   Keyword Search   |   Browse Categories

Legal publications on Bankruptcy:

Bankruptcy
Cooperatives
Estate Planning/Divorce
Federal Loan Programs (Farmers Home Administration/Farm Service Agency)
Finance and Credit
Land Sales/Real Estate Finance, Mortgages/Foreclosures
Uniform Commercial Code


Reference Resources

Economic Research Service (ERS)

Farmer Bankruptcies and Farm Exits in the United States, 1899-2002 (Stam, 2004)
Are Bankruptcies Behind the Drop in Farm Numbers? (Amber Waves, 2004)
Do Farmers Need a Separate Chapter in the Bankruptcy Code? (1997)

U.S Bankruptcy Courts (U.S. Courts)

Bankruptcy Basics
Process
Discharge in Bankruptcy
Chapter 7: Liquidation
Chapter 9: Municipality Bankruptcy
Chapter 11: Business Reorganization
Chapter 12: Family Farmer or Family Fisherman Bankruptcy
Chapter 13: Individual Debt Adjustment

Bankruptcy Forms


Congressional Resources

Reports on Farm Bankruptcy (Government Accountability Office)


Other Federal Resources

U. S. Trustee Program (Department of Justice)


Publications

Ch.12 Bankruptcy Taxation: Did BAPCPA Really Change Tax Claims to Unsecured General Creditor Status? (McEowen, IA St. U. Center for Ag Law & Taxation, 2009)

The Assumption or Rejection of Executory Contracts in Bankruptcy: Are Commodity Contracts Within a Safe Harbor? (McEowen, IA St. U., Center for Ag Law & Taxation, 2009)

Farmer’s Guide to Disaster Assistance (FLAG, 2008)

Chapter 12 Bankruptcy Taxation – IRS Loses Again (McEowen, IA St. U., Center for Ag Law & Taxation, 2008)

Major Developments in Chapter 12 Bankruptcy (Harl et al., IA St. U., 2005)

Is Bankruptcy the Answer? (OK Bar Ass’n., 2001)

Rights of Farmers in Failed Grain Elevators (McEowen & Harl, 2000)

Overcoming Farm Financial Distress: Strategies and FAQs (Feitshans, NC St. U. Ext., 1999)

Chapter 12 Reorganizations (Kunkel, U. MN Ext., 1998)

A Legal Guide for Wisconsin Farmers (1988)

Ch. 12 Bankruptcy: Hope for Financially Stressed Farmers (Moore, OK St. U.)

Ch. 12 Bankruptcy in Retrospect: It’s Impact on Agribusiness Firms (WA St. U.)


Additional Resources

Bankruptcy Posts (Ag & Food Law Blog)

American Bankruptcy Institute (ABI)

Bankruptcy: Current Issues (IA St. U. Center for Ag Law & Taxation)

Bankruptcy: Court Opinions (IA St. U. Center for Ag Law & Taxation)

Bankruptcy (Cornell Legal Information Insitute)

Bankruptcy (WI St. Law Library)

Chapter 12 Bankruptcy for the Family Farmer (SC Bar)