While the cost of doing business continues to rise, farm bankruptcies have tapered off. However, ag officials warn overall farm finances are set to take a blow.
139 Chapter 12 Bankruptcies were filed last year, down 18 percent from 2022. That was the fourth year in a row for lower defaults. It is a vastly different story compared to 2019 when nearly 600 farms filed for bankruptcy, but the Farm Bureau warns bankruptcies could go up this year.
Economists there say high borrowing and land costs, coupled with lower commodity prices, will likely weaken farm finances for the next year.
