In re Jessen

82 B.R. 490 (1988)

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In re Jessen

United States Bankruptcy Court for the Southern District of Iowa
82 B.R. 490 (1988)

  • Written by Jody Stuart, JD

Facts

Charles and Rhodetta Jessen (debtors) filed for Chapter 12 bankruptcy in 1987. In 1985 and 1986, the Jessens were unable to obtain operating financing to farm their land. Thus, the Jessens leased much of their land. In 1986, 280 acres of land remained uncultivated. The Jessens had attempted to lease that land, but a prospective tenant eventually declined to lease it. Also in 1986, Charles disclaimed an inheritance of land from his deceased uncle. The disclaimer was made pursuant to Iowa law. Subsequent to the Jessens’ bankruptcy filing, Production Credit Association of the Midlands and Federal Land Bank (the banks) (creditors) filed a motion to remove the Jessens as debtors-in-possession. The banks argued that the Jessens should be removed as debtors-in-possession for gross mismanagement.

Rule of Law

Issue

Holding and Reasoning (Jackwig, C.J.)

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Casebooks

Bankruptcy

Key Terms

  • Chapter 11 BankruptcyA type of voluntary bankruptcy that allows a debtor to continue operating a business while reorganizing its finances to ensure payment to creditors.
  • Debtor-In-PossessionA debtor in a chapter 11 or chapter 12 bankruptcy who continues to operate the debtor’s business, in trust to the bankruptcy estate, and who holds most of the same powers and obligations as a bankruptcy trustee.
  • Chapter 12 BankruptcyA type of bankruptcy that allows family farmers with regular annual income to reorganize their debts while keeping their farms.

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