- published: 13 May 2016
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Chapter 12 of Title 11 of the United States Code, or simply chapter 12, is a chapter of the Bankruptcy Code. It is similar to Chapter 13 in structure, but it offers additional benefits to farmers and fishermen in certain circumstances, beyond those available to ordinary wage earners. Chapter 12 is applicable only to family farmers and fishermen.
For much of the history of bankruptcy law in the United States, there was no provision applicable specifically to farmers. The 1898 Bankruptcy Act contained no special provisions, with one exception that farmers were immune from an involuntary bankruptcy petition. Section 75 was enacted by the Bankruptcy Act of 1933 and provided specific provisions for farmers. However, many of these provisions were limited in scope, and ultimately required the voluntary cooperation of mortgagors and creditors.
In addition, section 75, as it was originally conceived, was a temporary measure. It was scheduled to expire on March 3, 1938.
The Frazier-Lemke Act expanded the scope of section 75, providing for stronger protections available to farmers operating under bankruptcy protection. These changes too were initially temporary, but they were extended a number of times until they ultimately expired on March 31, 1949.
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Have you seen the book today
It's full of lies again
Your name stands out so clear
The signature is there
It's always true
This book they write for you
They'll never let you be yourself today
Have you seen the book today
It'll be the same tomorrow
Yesterday I stole a look
It always seems the same
It's always true
This book they write for you
They'll never let you be yourself today
The page they're on is never clear
Teaching all the way
Chapter 12 is quite sincere
Even though it's yesterday
It's always true
It's always true
It's always true
This book they write for you
It's always true
This book they write for you
They'll never let you be yourself today