Practice Quiz

CLEP Business Law

Category - Legal Envrmt

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Danny grows produce that he sells to local grocers and at farmer's markets. There was a drought over the past 2 years, causing many of Danny's crops to fail. Finally Danny decided that he had to file for bankruptcy. Under which chapter of the Bankruptcy Code should Danny file?
  1. Chapter 7
  2. Chapter 2
  3. Chapter 12
  4. Chapter 11
  5. Chapter 15
Explanation
Answer: C. Danny should file under chapter 12 of the Bankruptcy Code. Chapter 12 has specific provisions for farmers and fishermen. To qualify, more than 50% of the filer's income must be derived from farming or fishing. Danny could, however, file under other provisions of the Bankruptcy Code as well.
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