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Question
Fanny and her husband Fred own a farm in Iowa. Unfortunately, after earning a $50,000 income on the farming operation and $10,000 in non-related endeavors in 2002, Fanny and Fred accumulated $100,000 in farm-related debt. Their only other debt is a $10,000 on a truck purchased in 2001. Fanny and Fred want to file for a Chapter 12 plan. Which of the following statements is most accurate?
A. Fanny and Fred do not qualify for protection under a Chapter 12 plan.
B. Fanny and Fred will not be able to remain in possession of their farm under the plan.
C. A trustee will be allowed to sell unnecessary assets such as equipment.
D. A trustee will not be appointed under the plan.
Answer
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