An economist with the American Farm Bureau Federation says significantly higher net farm income last year helped cut Chapter 12 bankruptcies by nearly 40 percent.
Veronica Nigh tells Brownfield 2022 was the first time since 2005 that there were fewer than 200 filings.
“We were at $79 billion in net farm income in 2019, last year net farm income was estimated at $163 billion,” she shares.
A Chapter 12 Bankruptcy filing allows a farm to stay in business, restructure its debt, and provides a new timeline to pay back loans while retaining its assets.
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