NFU: Bankruptcy Bill Will Help More Family Farmers Access Relief

WASHINGTON – The U.S. Senate yesterday passed the Family Farmer Relief Act of 2019, a bill that will expand family farmers’ access to relief under Chapter 12 farm bankruptcy rules by increasing the debt limit from $4.2 million to $10 million. The bill, which was approved by the House of Representatives last week, now awaits President Donald Trump’s signature.

National Farmers Union (NFU) endorsed the legislation when it was first introduced in April, as it would help more family farmers avoid liquidation or foreclosure. NFU President Roger Johnson released the following statement in response to its passage:

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“Chronic overproduction, an ongoing international trade war, and a series of extreme weather events have created a perfect storm for the farm economy. Farm debt is at a record high, and too many operations have been pushed to the brink financially. The Family Farmer Relief Act will help more family farmers access Chapter 12 relief, giving them a fighting chance to stay in business. We applaud Congress for passing this important legislation, and we urge President Trump to swiftly enact it into law.”

About NFU

National Farmers Union advocates on behalf of nearly 200,000 American farm families and their communities. We envision a world in which farm families and their communities are respected, valued, and enjoy economic prosperity and social justice.

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SOURCE

08-02-19 NFU: Bankruptcy Bill Will Help More Family Farmers Access Relief

 
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By Brian Allmer - The BARN

Brian Allmer & the BARN are members of the National Association of Farm Broadcasting (NAFB), the Colorado FFA Foundation, the Colorado 4H Foundation, the Colorado Farm Show Marketing Committee, 1867 Club Board Member, Denver Ag & Livestock Club Member, the Weld County Fair Board, the Briggsdale FFA Advisory Council, Briggsdale 4H Club Beef Leader & Founder / Coordinator of the Briggsdale Classic Open Jackpot Show.