The American Farm Bureau Federation released its 2019 report on farm bankruptcies and found that overall, Chapter 12 family farm bankruptcies increased by 20 percent year-over-year.
Overall, 595 Chapter 12 family farm bankruptcies were filed, about 100 more than 2018 and the highest since 2011, when there were 637 total.
The Midwest was hit particularly hard with 57 filings in Wisconsin, 38 in Nebraska, 36 in Kansas, 30 in Minnesota and 20 in Iowa.
The net farm income in 2019 inflation-adjusted dollars was down 33 percent but still remained slightly above the 20-year average.
You can read the full report here.
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