3.0.0 2004 2023-01-15T09:17:37Z 2023-01-15T09:17:37Z Senate S S 2003-12-09 108 ssju00 Judiciary Committee Senate Standing Referred to 2003-12-09T22:53:46Z 2003-12-09 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2003-12-09 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. 2003-12-09 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2004-01-26 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2004-02-25 False Finance and Financial Sector Agricultural credit Agriculture and Food Aquaculture Bankruptcy Commerce Debt Debtor and creditor Economics and Public Finance Families Family enterprises Family farms Farm income Farmers Fisheries Fishing boats Government lending Indexing (Economic policy) Law Marine and coastal resources, fisheries Trusts and trustees Finance and Financial Sector 00 2003-12-09 Introduced in Senate 2003-12-12T21:04:08Z

Cites circumstances under which the claim of a governmental unit that arises from the disposition of a farm asset used in the debtor's farming operation shall be treated as an unsecured claim not entitled to priority.

Increases from $1.5 million to $3.237 million the maximum aggregate debt that permits a farming operation to qualify as a family farming operation for debt adjustment purposes. Decreases from 80 percent to 50 percent the minimum percentage of aggregate, noncontingent liquidated debts arising out of such a farming operation.

Modifies the requirement that a family farmer and spouse receive over 50 percent of income from farming operations in the year before a bankruptcy petition is filed. Allows the family farmer to meet the over-50-percent requirement in either the preceding taxable year or each of the second and third preceding taxable years.

Prohibits: (1) retroactive assessment of disposable income; and (2) post-confirmation modification of a bankruptcy plan that would increase the amount of payments that were due before such modification. Requires debtor's consent for post-confirmation increase in payments.

Extends Chapter 12 coverage to family fishermen whose aggregate debts do not exceed $1.5 million, of which at least 80 percent of aggregate noncontingent, liquidated debts arise out of a commercial fishing operation.]]>

Protection of Family Farmers and Family Fisherman Act of 2003 Display Title Protection of Family Farmers and Family Fisherman Act of 2003 Official Title as Introduced A bill to permanently reenact chapter 12 of title 11, United States Code, and for other purposes. Introduced in Senate IS Short Titles as Introduced Protection of Family Farmers and Family Fisherman Act of 2003 Introduced in Senate 2003-12-09T05:00:00Z 2003-12-09 Read twice and referred to the Committee on the Judiciary. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.