Vote to pass a bill that would extend for 6 months the period for which chapter 12 of title 11 of the United States Code is reenacted.
Provides for the revision of guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy), to one under either Chapter 11 (Reorganization), or Chapter 13 (Adjustment of Debts of an Individual with Regular Income) (Sec. 907).
Makes Chapter 12 farm bankruptcy protections a permanent part of the Bankruptcy Code and expands this type of bankruptcy protection to family fishermen (Secs. 1001-1007).
Note: Previously, the House adopted by voice vote a rule that substituted the text of the House-passed bill HR 975.