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Title: Farmer Bankruptcy Bill
Vote Smart's Synopsis:
Vote to pass a bill that would extend for 6 months the period for which chapter 12 of title 11 of the United States Code is reenacted.
- Provides for the revision of guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy), to one under either Chapter 11 (Reorganization), or Chapter 13 (Adjustment of Debts of an Individual with Regular Income) (Sec. 907).
- Makes Chapter 12 farm bankruptcy protections a permanent part of the Bankruptcy Code and expands this type of bankruptcy protection to family fishermen (Secs. 1001-1007).
Note: Previously, the House adopted by voice vote a rule that substituted the text of the House-passed bill HR 975.