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Consumer Law

Bill raising ceiling for farm bankruptcies heads to White House

With farm bankruptcies rising and agricultural debt loads soaring, the U.S. Senate has passed a bill that will make it easier for more farmers with larger amounts of debt to file for bankruptcy protection.

The bipartisan bill – called the Family Farmer Relief Act of 2019 – raises the ceiling on how much debt producers who file for Chapter 12 bankruptcy can have, to $10 million from the previous $4 million.

Chapter 12 is a part of the federal bankruptcy code that is designed for family farmers and fishermen to reorganize their debts.

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