WASHINGTON, DC – Legislation that would provide relief for family farmers has passed in both houses of Congress and is on its way to the president’s desk.
The measure was sponsored by Congressman Antonio Delgado (D, NY-19).
“The Family Farm Relief Act allows more flexibility during this down farm economy, by lifting the cap on Chapter 12 bankruptcy,” he said.
The bill expands the debt cap that can be covered under Chapter 12 bankruptcy from just over $3.2 million to $10 million. The changes reflect the increase in land value, as well as the growth over time in the average size of US farming operations and are meant to provide farmers additional options to keep their doors open during downturns in the farm economy.
Delgado said the legislation is endorsed by American Farm Bureau, National Farmers Union, National Corn Growers Association, National Milk Producers Federation, the National Port Producers Council and American Bankruptcy Institute.