Chapter 12 bankruptcy

A bill passed by the House Judiciary Committee would increase the amount of farm debt covered by chapter 12 bankruptcy.  Last week, the committee passed the Family Farmer Relief Act.  Introduced by New York Representative, Democrat Antonio Delgado, the bill would increase the current debt limit used to determine whether a farmer is eligible for relief under chapter 12 of the Bankruptcy Code, a spe

A bill announced last week would ease the process of reorganizing debt through Chapter 12 bankruptcy rules, making more farms eligible.  The move comes amid a continued downturn in the farm economy.   Led by Representative Antonio Delgado, the legislation is the companion bill to a measure already filed in the Senate.  The New...

An analysis by the American Farm Bureau Federation shows 2018 Chapter 12 family farmer and family fisherman bankruptcies dropped year-over-year nationwide.  Last year, 498 Chapter 12 filings were recorded, down 1% from 2017’s figures.  AFBF not...

A recent report by CoBank expects the farm economy to tighten again in 2018, and experts say that will lead to more farmers filing Chapter 12 bankruptcy.  DTN reports that wheat and dairy producers are among the hardest hit, with an increase in Chapter 12 bankruptcy filings in Kansas and Wisconsin, reaching the highest level since 2012 last year.  The num...