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Farm bankruptcy bill introduced in U.S. House

Legislation that would change the Chapter 12 bankruptcy guidelines for farmers has now been introduced in the U.S. House.  A bipartisan group of Congressmen including Ag Committee Chairman Collin Peterson of Minnesota and Judiciary Committee Ranking Member Jim Sensenbrenner of Wisconsin introduced the Family Farmer Relief Act of 2019.

The legislation was introduced in the U.S. Senate earlier this month.  It is endorsed by the groups including American Farm Bureau Federation and National Farmers Union.

The bill expands the Chapter 12 debt cap from 3-point-2 million to 10-million dollars. Lawmakers say the changes reflect the increase in land values, as well as the growth over time in the average size of U.S. farming operations.

Earlier adjustments to the law have allowed the cap to reach 4-point-2 million dollars.

Senators backing the change include Chuck Grassley and Joni Ernst of Iowa, Amy Klobuchar and Tina Smith of Minnesota, and Ron Johnson of Wisconsin.  Congressman Dusty Johnson of South Dakota also supports the change.

Link to earlier story:

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