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Chapter 12 Family Farmer or Family Fisherman Bankruptcy Background     (Page 118)

2. The total debts (secured and unsecured) of the operation must not exceed $3,544,525 (if a farming operation) or $1,642,500 (if a commercial fishing operation).

3. If a family farmer, at least 50%, and if family fisherman at least 80%, of the total debts that are fixed in amount (exclusive of debt for the debtor’s home) must be related to the farming or commercial fishing operation.

4. More than 50% of the gross income of the individual or the husband and wife for the preceding tax year (or, for family farmers only, for each of the 2nd and 3rd prior tax years) must have come from the farming or commercial fishing operation.

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