A bill to amend title 11 of the United States Code with respect to bankruptcy proceedings involving debtors who are farmers or family farmers.

Redefines a "farmer" for purposes of Federal bankruptcy law as any person who received more than 75 (currently 80) percent of gross income from farming operations. Defines a "family farmer" as such a person, including a corporation which issues stock: (1) which is not publicly traded; and (2) at least 90 percent of which is held by one family.

Allows a family farmer with a regular annual income and with total secured and unsecured debts of less than $1,000,000 to qualify as a debtor under bankruptcy provisions providing for the adjustment of debts of an individual with regular income.

Extends by 120 days the periods 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.

Extends from five to seven years the maximum period over which payments may be made under a plan providing for the adjustment of debts for an individual with regular income in the case of a debtor who is a family farmer. Directs the court to determine a reasonable time after such a plan is filed by which a debtor who is a family farmer must commence making such payments. (Current law requires payments under such a plan to commence within 30 days after the plan is filed.)