Nov 4, 2019Farm bankruptcy filings up 24%
Chapter 12 farm bankruptcy filings were up 24% from October 2018 through September 2019 from the previous year.
According to a report by Farm Bureau based on a data from U.S. Courts, there were 580 filings during the 12-month period, which was the highest since 2011.
The highest increase in farm bankruptcies was in the Northwest (Idaho, Montana, Oregon, Washington and Wyoming), where there were 33 filings, a rise of 74%. This was largely based on Idaho, where farm bankruptcies rose from six the previous year to 12. Montana jumped from eight to 11.
Washington actually had one fewer filing (five to four), while Oregon had four both years.
The Midwest had the most total filings with 255, a rise of 13%. Wisconsin led the country with 48 bankruptcy filings, followed by 37 apiece in Kansas and Nebraska. Also, 37 farming operations in Georgia filed for Chapter 12.
“Chapter 12 farm bankruptcies continue to increase as farmers and ranchers struggle with a prolonged downturn in the farm economy that’s been made worse by unfair retaliatory tariffs on U.S. agriculture as well as two consecutive years of adverse planting, growing and harvesting conditions,” Farm Bureau Chief Economist John Newton wrote.
Most Chapter 12 filings, October 2018-September 2019:
- Wisconsin 48, up by 1 from previous year
- 37 apiece: Georgia up by 12; Kansas up by 10; and Nebraska, up by 6
- Minnesota 31, up by 7
- California 28, up by 11
- Texas 26, up by 6
- Pennsylvania 21, up by 9
- New York 19, down by 6
- North Carolina 18, up by 8