Family Farmer (Bankruptcy) Law and Legal Definition
"Family farmer means--
(A) individual or individual and spouse engaged in a farming operation whose aggregate debts do not exceed $ 3,544,525 and not less than 50 percent of whose aggregate non-contingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse unless such debt arises out of a farming operation), on the date the case is filed, arise out of a farming operation owned or operated by such individual or such individual and spouse, and such individual or such individual and spouse receive from such farming operation more than 50 percent of such individual's or such individual and spouse's gross income for--
(i) the taxable year preceding; or
(ii) each of the 2d and 3d taxable years preceding;
the taxable year in which the case concerning such individual or such individual and spouse was filed; or
(B) corporation or partnership in which more than 50 percent of the outstanding stock or equity is held by one family, or by one family and the relatives of the members of such family, and such family or such relatives conduct the farming operation, and
(i) more than 80 percent of the value of its assets consists of assets related to the farming operation;
(ii) its aggregate debts do not exceed $ 3,544,525 and not less than 50 percent of its aggregate non-contingent, liquidated debts (excluding a debt for one dwelling which is owned by such corporation or partnership and which a shareholder or partner maintains as a principal residence, unless such debt arises out of a farming operation), on the date the case is filed, arise out of the farming operation owned or operated by such corporation or such partnership; and
(iii) if such corporation issues stock, such stock is not publicly traded.” (11 USCS § 101)
Legal Definition list
- Family Farmer (Bankruptcy)
- Family Farm
- Family Entertainment and Copyright Act
- Family Education Right to Privacy Act (FERPA)
- Family Education Program [Education]
- Family Farmer With Regular Annual Income
- Family First Preference
- Family Fisherman ( Bankruptcy)
- Family Fisherman with Regular Income ( Bankruptcy)
- Family Fourth Preference
- Family Guardian
Related Legal Terms
- Accountant ( Bankruptcy)
- Act of Bankruptcy
- Adequate Protection [Bankruptcy]
- Adolescent Family Life Act
- Affiliate ( Bankruptcy)
- After Notice and Hearing (Bankruptcy)
- Alternative Dispute Resolution Procedures (Family Law)
- Arrangement With Creditors [Bankruptcy]
- Assisted Person ( Bankruptcy)
- Avoidance Powers (Bankruptcy)
