Congress has recently passed and the President has signed the Family Farmer Relief Act of 2019. This change in the law will raise the aggregated debt limit with Chapter 12 bankruptcies for family farms to $10 million up from the $4,411,400. This increase in the aggregated debt limits will allow for more family farmers to qualify for the Chapter 12 bankruptcy option.
Soybean field with grain elevator in the background. Image by United Soybean Board
In August, the Department of Agricultural and Resource Economics hosted a webinar covering the 2018 Farm Bill debate. As I write and post this post, the Farm Bill is still being debated by the conference committee and this webinar covers the competing House and Senate versions of the Farm Bill.
The webinar featured Jonathan Coppas, Clinical Assistant Professor, University of Illinois. Mr. Coppas discussed where we are at in the process and changes in policies that producers should be aware of.
For more information on the Farm Bill, I encourage you to check out the Department of Agricultural and Resource Economics’ Farm Bill website. On the site, the AREC faculty cover many of these competing versions of the Farm Bill and potential impacts of the legislation.