Congress is considering reforms to the Chapter 12 bankruptcy law to allow more financially distressed family farmers to remain in operation.
Congress may make another attempt to reform the Chapter 12 bankruptcy law to allow more financially distressed family farmers to restructure debts and remain in operation.
Similarly, Grassley was quoted last week as promising to"push ahead with reforms to Chapter 12 bankruptcy protection for family farmers that I have been developing as former chairman of the Senate Judiciary Committee." The dairy sector, especially in Wisconsin, has been hit hard due to low milk prices. The number of family farms filing for Chapter 12 bankruptcy protection in Wisconsin alone has more than doubled in the past five years.
"There's an awful lot of stress out here right now," said Joseph Peiffer, a Cedar Rapids, Iowa, bankruptcy attorney who specializes in farm bankruptcies."Many farmers' debt limit is too large to allow them to file a Chapter 12." "On a farm now, with the high price of machinery and land, it doesn't take long to get up to that $4 million," said Gary Wertish, president of the Minnesota Farmers Union."It's not just for the mega-farms."
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