What is Chapter 12 bankruptcy?

Chapter 12 is a bankruptcy chapter used by family farmers and fishermen.  In Colorado, Chapter 12 is frequently used, as there are many family farmers here, some of whom are financially struggling.  Chapter 12 also contemplates the filing of a plan.  Chapter 12 contemplates that a farmer retain and/or sell assets and propose a plan to repay debt over time, similar to Chapter 13 and Chapter 11. This type of bankruptcy is complicated, and a full discussion of its provisions is beyond the scope of this narrative.