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Trump signs Family Farmer Relief Act into law

President Trump has signed legislation raising the Chapter 12 bankruptcy ceiling to $10 million.

Chapter 12 is a bankruptcy code specific to farmers to help them reorganize debt after falling on hard times.

Iowa Senator Chuck Grassley introduced the bill, called the Family Farmer Relief Act, earlier this year and applauded the President for expanding safeguards for farmers.

American Farm Bureau president Zippy Duvall says the law is a sobering reflection of the current state of the farm economy, but the organization is grateful President Trump prioritized the bill.

According to USDA, the most Chapter 12 bankruptcies in 2018 were filed in Wisconsin (49), Kansas (35), Nebraska (27), Minnesota (26), Georgia (26), and Texas (25).