Family Farm Credit Rehabilitation Act

[AI summary unavailable — showing source text] Family Farm Credit Rehabilitation Act - Defines a "family farmer" for purposes of Federal bankruptcy law as any person (including a corporation if more than half of the aggregate value of the outstanding equity securities are held by one family and its relatives and if the corporation's stock, if any, is not publicly traded) owning a farm, at least 80 percent of whose aggregate debts arise out of such farming operation. Excludes from such aggregate debts a debt for the principal residence of such person unless such debt arises out of a farming operation. Allows a family farmer with a regular annual income and with total secured and unsecured debts of less than $1,500,000 to qualify as a debtor under bankruptcy provisions providing for the adjustment of debts of an individual with regular income (personal bankruptcy provisions). Provides that involuntary bankruptcy cases may not be commenced against family farmers. Extends to 240 days (currently, 120 days for other debtors) the period following the order for relief during which only a debtor may file a reorganization plan, and after which any party in interest may file a reorganization plan, in the case of a debtor who is a farmer. …