Tammy Baldwin: “H.R. 808, introduced by the gentleman from Michigan (Mr. Smith), would extend chapter 12 of the bankruptcy code for an…”

“H.R. 808, introduced by the gentleman from Michigan (Mr. Smith), would extend chapter 12 of the bankruptcy code for an additional 6 months. Chapter 12 is similar to chapters 11 and 13 of the Bankruptcy Code. Chapter 12 is the part of the Bankruptcy Code that is tailored to meet the economic realities of family farming during times of severe economic crisis. With chapter 12, Congress sought to create a chapter of the Bankruptcy Code that provided a framework for successful family farm reorganizations. At the time of its first enactment, in 1986, Congress was unable to foresee whether chapter 12 would be needed by America's family farmers indefinitely. Congress extended chapter 12 twice since then, and it is currently set to expire on April 1, 1999, and H.R. 808 would extend it for an additional 6 months. Chapter 12 is the safety net of last resort for our farmers, and we must extend it. The family farm is the backbone of our rural economy in Wisconsin and all over this Nation.”