Family Farmer or Family Fisherman Bankruptcy Background
4. The total indebtedness of the
corporation or partnership must not exceed $3,544,525 (if a
farming operation) or $1,642,500 (if a commercial fishing
5. At least 50% for a farming
operation or 80% for a fishing operation of the corporationís or
partnershipís total debts which are fixed in amount (exclusive
of debt for one home occupied by a shareholder) must be related to
the farming or fishing operation.
6. If the corporation issues stock,
the stock cannot be publicly traded.