AFBF President Zippy Duvall said, “Lifting the liability cap and giving more farmers an opportunity to qualify for Chapter 12 bankruptcy provides the restructuring and seasonal repayment flexibility that many farmers need in today’s lagging farm economy and will help align bankruptcy law with the scale and credit needs of U.S. agriculture.”
The bipartisan Family Farmer Relief Act of 2019:
- Recognizes bankruptcy rates among American farmers are at decade-high levels in some portions of the country and strengthens the bankruptcy code to allow more farms to reorganize their debt.
- Would alter the definition of “family farmer” under Chapter 12 of the Bankruptcy Code and raise the operating debt cap from $3.3 million to $10 million.
As farmers and ranchers, we have personally experienced what turbulent economic headwinds do to the livelihoods of our families and our communities. We must tell Congress that this commonsense, bipartisan legislation will give more family farms an opportunity to reorganize their business while avoiding critical disruptions in our national agriculture supply chain that can affect every American.
Family farms need debt relief. Asking your US Senators to support the Family Farmer Relief Act will make it happen!
Learn more here: AFBF Market Intel: What is Chapter 12 Family Farm Bankruptcy
Learn About the Family Farmer Relief Act here: New Chapter 12 Bill Would Provide Debt Relief to More Family Farmers
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