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Chapter 12 Family Farmer or Family Fisherman Bankruptcy Background     (Page 120)

4. The total indebtedness of the corporation or partnership must not exceed $3,544,525 (if a farming operation) or $1,642,500 (if a commercial fishing operation).

5. At least 50% for a farming operation or 80% for a fishing operation of the corporationís or partnershipís total debts which are fixed in amount (exclusive of debt for one home occupied by a shareholder) must be related to the farming or fishing operation.

6. If the corporation issues stock, the stock cannot be publicly traded.

 

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