Tom is a family farmer with less than 3 million in debt He w

Tom is a family farmer with less than $3 million in debt. He wants to know if there are any chapters in the bankruptcy code specifically geared to debtors such as him. You would recommend to him chapter

A. 11

B.13

C. 12

D. 7

Solution

C. Chapter 12 Bankruptcy code. Correct option

Chapter 12 allows family farmers and family fisherman debtors by providing option of restructuring the finances and avoid foreclosure or liquidation.