Farm Bankruptcies Rise Again

More and more farmers are filing for Chapter 12 bankruptcy, a code designed specifically for family farmers with a regular annual income to create a repayment plan to their creditors over three to five years. The report attributes the increased bankruptcies to the tariffs on U.S. agriculture, a downturn in the farm economy and adverse planting, growing, and harvesting conditions. By the end of the year, that debt is expected to reach a record of $416 billion.