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Term of the Day: Family Farmer
family farmer n
- : an individual or business entity whose debts and income arise primarily from a family owned and operated farming operation as set out in the Bankruptcy Code see also Bankruptcy Code in the Important Laws section NOTE: Only a person who qualifies as a family farmer with a regular annual income under the Bankruptcy Code may file for bankruptcy under chapter 12, although a family farmer may also have the option of filing under chapter 7 or chapter 13.
Source: Merriam-Webster’s Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.