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    Confirmation of liquidating plan bankruptcy farmer

    adequate protection The right given to a secured creditor that the collateral will not be diminished during the bankruptcy proceedings. Examples are complaints to determine validity of liens and their dischargeability.administrative claim Debts incurred by the debtor relating to the administration of the Chapter 13 plan. amended plan A chapter 13 plan filed after the first chapter 13 plan but before confirmation of a plan.A plan of reorganization was confirmed in the case and in a companion individual Chapter 11 case.Representation of debtor and twenty‑two subsidiaries which operated the largest Dunkin Donut franchise network on the west coast of Florida.The debtor argued that only the secured portion of the debt should be counted because her personal liability had been discharged in a Chapter 7 filing.The appellate court bankruptcy panel reviewed only whether the Chapter 12 debt limit counts secured debt only up to the value of collateral.Chapter 12 of the Bankruptcy Code is entitled “Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income.” Chapter 12 is designed to help financially distressed family farmers or fishermen who have a regular source of income to repay their debts.Chapter 12 eliminates many of the barriers these debtors would face if they tried to reorganize under Chapter 11 or 13 of the Bankruptcy Code.

    Thus, the debtor was not eligible to file Chapter 12 bankruptcy.It is more streamlined, less complicated and less expensive than Chapter 11, and better suited for family farmers and fishermen who generally have larger debts than individuals who file under Chapter 13.A family farmer or fisherman is defined as an individual, individual and spouse, corporation, or partnership engaged in a farming or fishing operation.assets Property owned by the debtor that has value.Examples include cars, houses, trusts, businesses, and money. bankruptcy court The bankruptcy judges in regular active service in each district; a unit of the district court.

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