Bankruptcy Relief for Family Farmers

| Jan 29, 2020 | Chapter 12 |

The Family Farmer Relief Act of 2019 was recent passed to make bankruptcy more readily available for the struggling family farmers. While a streamlined form of bankruptcy is available in Chapter 12 of the bankruptcy code, it was only available to family farmers with debts of less than 4.4 million. That left a number of struggling farmers with only the option of turning to the more expensive Chapter 11. The Family Farmer Relief Act of 2019 increases that debt limit to 10 million dollars. As a result, more family farms have a greater chance of successfully reorganizing.

Archives