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FARM BUREAU REPORTS AG BANKRUPTCIES FELL IN 2020, STILL THIRD HIGHEST IN A DECADE
Feb. 3, 2021
Agri-Pulse reports:
Chapter 12 farm and family fishery bankruptcies fell in 2020 but still reached the third-highest level in a decade, the American Farm Bureau Federation said in an analysis of case statistics from the federal courts.
The total number of Chapter 12 filings in 2020 was 552, down 43 filings (or 7%) from 2019, AFBF said.
"While Chapter 12 bankruptcies have declined compared to year-ago levels, these numbers should not be considered a sign that the farm economy has recovered," AFBF said.
In recent years, "many farmers have experienced low commodity prices, high production costs, increasing agricultural land values, increasing cash rents, increasing labor costs, and high capital barriers to entry, among other problems," AFBF said.
The federal court district for western Wisconsin had the highest number of filings with 39, followed by Kansas with 35, Nebraska with 32 and eastern Wisconsin with 30.
To read the entire report including maps click here.
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