Court Approves Payment Plan Bemis, who owned a dairy farm, filed for debt adjustment under Chapter 12. Bemis filed a payment plan with her bankruptcy petition. Under the plan, unsecured creditors owed more than $500 would receive 60 percent of the amount owed to them, payable monthly over a three-year period. Kimble Supply Co. objected to the plan, arguing that it would receive more if Bemiss assets were liquidated under Chapter 7 bankruptcy. Because Bemis was turning over 100 percent of her disposable income to the trustee for debt repayment however, the court did not support Kimbles objection.