Additionally, the operation must be run by a member of the family, and more than 80 percent of the corporation or partnership's assets must be related to farming or commercial fishing. Spouses may file jointly if both are involved in the farming or commercial fishing operation.
[header] How to file chapter 12 bankruptcy [title] Review the occupational requirements. [step] Chapter 12 bankruptcy is only open to individuals and partnerships described as family farmers or family fishermen. [substeps] Partnerships and corporations are eligible to file chapter 12 provided at least 50 percent of the stock or equity interests are owned by a single family and the stocks are not publicly traded.