PRESIDENT SIGNS FARM BANKRUPTCY BILL

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Family Farmer Relief Act of 2019 (H.R. 2336). The legislation, supported by NCGA, aims to ease bankruptcy rules for farmers by raising the limit for farms to qualify for reorganizing their debts under agriculture bankruptcy law.   “Farmers are facing a perfect storm of …">

(Posted Fri. Aug 23rd, 2019)

President Trump today signed the Family Farmer Relief Act of 2019 (H.R. 2336). The legislation, supported by NCGA, aims to ease bankruptcy rules for farmers by raising the limit for farms to qualify for reorganizing their debts under agriculture bankruptcy law.

 

“Farmers are facing a perfect storm of challenges, be it uncertainty surrounding trade and tariffs or disruptions in the ethanol market. Amid these challenges they need access to all available tools which the Family Farmer Relief Act of 2019 will ensure they have. This benefits not just the farmer, but their rural communities. This bill raises the Chapter 12 operating debt cap to $10 million, giving more farmers facing difficult financial decisions the opportunity to survive another day,” said NCGA President Lynn Chrisp.