QuestionJuly 20, 2025

In the case of a family fisherman, the debtor and spouse engaged in a commercial fishing operation are eligible for rellef under Chapter 12 if their aggregate debts do not exceed __ Multiple Choice 3,792,650 and at least 50 percent of an individual's or family's income during the year preceding the filling of the petition must have come from the farming operation. 3,792,650 and not less than 80 percent of the debt must arise from the farming operation. 2,044,225 and not less than 80 percent of their aggregate noncontingent liquidated debts arise out of the commercial fishing operation. 1,642,500 and at least 80 percent of the aggregate noncontingent liquidated debts arise out of a commercial fishing operation.

In the case of a family fisherman, the debtor and spouse engaged in a commercial fishing operation are eligible for rellef under Chapter 12 if their aggregate debts do not exceed __ Multiple Choice 3,792,650 and at least 50 percent of an individual's or family's income during the year preceding the filling of the petition must have come from the farming operation. 3,792,650 and not less than 80 percent of the debt must arise from the farming operation. 2,044,225 and not less than 80 percent of their aggregate noncontingent liquidated debts arise out of the commercial fishing operation. 1,642,500 and at least 80 percent of the aggregate noncontingent liquidated debts arise out of a commercial fishing operation.
In the case of a family fisherman, the debtor and spouse engaged in a commercial fishing operation are eligible for rellef under Chapter 12 if their aggregate debts
do not exceed __
Multiple Choice
 3,792,650 and at least 50 percent of an individual's or family's income during the year preceding the filling of the petition must have come from the
farming operation.
 3,792,650 and not less than 80 percent of the debt must arise from the farming operation.
 2,044,225 and not less than 80 percent of their aggregate noncontingent liquidated debts arise out of the commercial fishing operation.
 1,642,500 and at least 80 percent of the aggregate noncontingent liquidated debts arise out of a commercial fishing operation.

Solution
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Answer

1,642,500 and at least 80 percent of the aggregate noncontingent liquidated debts arise out of a commercial fishing operation. Explanation Chapter 12 of the Bankruptcy Code is designed for family farmers and fishermen. The correct debt limit for a family fisherman under Chapter 12 is 1,642,500, with at least 80 percent of the aggregate noncontingent liquidated debts arising from the commercial fishing operation.

Explanation

Chapter 12 of the Bankruptcy Code is designed for family farmers and fishermen. The correct debt limit for a family fisherman under Chapter 12 is $1,642,500, with at least 80 percent of the aggregate noncontingent liquidated debts arising from the commercial fishing operation.<br /><br />
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