Farm Bankruptcy Code Increases Upper Limit
On August 23, 2019, President Trump signed the Family Farmer Relief Act of 2019. That revision to the federal bankruptcy code increases to $10 million the amount of total debt a producer may have and be eligible for bankruptcy protection under Chapter 12. The prior limit was $4.4 million.
If you have questions about farm bankruptcy, consult your attorney. Educational information regarding legal options available to producers facing financial distress is made available monthly at free Ag Law and Farm Finance Clinics. These are confidential, one-on-one meetings with an agricultural law attorney and an agricultural financial counselor. For more information, contact the Nebraska Farm Hotline at 1-800-464-0258.