September 2019 Articles

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Trump Signs Bill Providing Debt Relief to More Family Farmers

Trump Signs Bill Providing Debt Relief to More Family Farmers President Trump last week signed the Family Farmer Relief Act of 2019, a measure that raises the Chapter 12 debt limit from $4.1 million to $10 million. The law will help family farmers struggling with export market disruptions, weather events and declining farm income, American Farm Bureau Federation President Zippy Duvall said in a statement. “It will help family farmers reorganize after falling on hard times by increasing the debt limit for relief eligibility under the Chapter 12 bankruptcy code,” Duvall said. “While this is a sobering reflection of the current state of the agricultural economy, we are grateful to Congress, the President and his administration for their prioritization of reforming our current bankruptcy laws.” A recent Market Intel, “Farm Loan Delinquencies and Bankruptcies Are Rising,” looks closely at how deteriorating financial conditions are affecting farmers and ranchers’ abilities to meet their obligations.