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Chapter 12 extension signed into law (Wednesday, Jan. 1, 2002 -- CropChoice news) -- News release from the National Family Farm Coalition and the Farmers Legal Action Group.
Contacts: Kathy Ozer, National Family Farm Coalition - (202) 543-5675
ST. PAUL, MINN. — On December 19, 2002, President Bush signed H.R. 5472, extending the authority for Chapter 12 bankruptcies from January 1, 2003, to July 1, 2003. Chapter 12 of the bankruptcy code is the family farmer bankruptcy chapter. Chapter 12 was first enacted in 1986 and has been extended through temporary authorizations. The latest extension is Public Law No. 107-377.
"I’m glad to see Congress and the President saw the need for extending this necessary protection for family farmers facing foreclosures," said Kathy Ozer, Executive Director of the National Family Farm Coalition. "At least for the first half of 2003 farmers will have Chapter 12 available as an option."
Some Congressional members have pushed to make Chapter 12 a permanent part of the overall bankruptcy code. These efforts have largely been tied to larger bankruptcy overhaul bills. It remains to be seen how these efforts will impact the status of Chapter 12.
The National Family Farm Coalition (NFFC) was founded in 1986 to serve as a national link for grassroots organizations working on family farm issues. NFFC’s membership currently consists of 33 grassroots farm, resource conservation, and rural advocacy groups from 33 states.
Farmers’ Legal Action Group (FLAG) is a nonprofit law center in St. Paul, Minnesota dedicated to providing legal services to family farmers and their rural communities in order to help keep family farmers on the land.
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