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MIAMI A
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LSDefine
Simple English definitions for legal terms
family farmer
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A quick definition of family farmer:
A family farmer is someone who makes a living by farming. They may own and operate a farm with their family. If more than 80% of their income comes from the farm, they can file for a special type of bankruptcy called Chapter 12. Only family farmers can file for Chapter 12 bankruptcy.
A more thorough explanation:
A family farmer is a person who is engaged in the business of farming and whose income and debts primarily arise from a family-owned and operated farm. This means that the majority of their income comes from the farm they own and operate with their family.
For example, if a person owns a farm and makes most of their income from selling crops or livestock, they would be considered a family farmer. Another example would be a family who owns a dairy farm and sells milk and cheese as their primary source of income.
It's important to note that only a family farmer can file for Chapter 12 bankruptcy. This type of bankruptcy is specifically designed for family farmers who need to restructure their debts and continue operating their farm.