DSST Business Law II Exam Prep

Category - DSST Business Law II

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.
Was this helpful? Upvote!
Login to contribute your own answer or details

Top questions

Related questions

Most popular on PracticeQuiz