Political Quotes

“I yield myself such time as I may consume. Mr. Speaker, H.R. 2336, the Family Farmer Relief Act of 2019, would increase the current debt limit used to determine whether a family farmer is eligible for relief under chapter 12 of the Bankruptcy Code, a specialized form of bankruptcy relief specifically intended for family farmers, from approximately $4.4 million to $10 million. Chapter 12 permits a family farmer who satisfies certain eligibility criteria to reorganize his or her debts pursuant to a repayment plan under the supervision of a bankruptcy trustee. The special attributes of chapter 12 make it better suited to meet the particularized needs of family farmers in financial distress than other forms of bankruptcy relief. Under chapter 7, for example, the family farm and its assets would have to be liquidated to pay the claims of creditors, thus depriving the family farmer of his or her livelihood, which is completely unacceptable. The chapter 11 process for reorganization, which is typically used by large corporations in economic distress to reorganize complex financial transactions, is also inappropriate due to its costly and time- consuming process that does not work for our Nation's small farming operations.…”