Farm bankruptcies declined in 2020. But Economists say that doesn’t mean the outlook for agriculture is improving.
Chapter 12 farm bankruptcy filings in 2020 were the third-highest of the last decade: Farm Bureau Economist John Newton:
“For 2020, we had 552 Chapter 12 family farm bankruptcies. That was down about seven percent from what we saw in 2019, 43 filings less than last year,” said Newton.
But economists say the agriculture sector is not out of the woods yet. Chapter 12 bankruptcy is often the last option for farmers and ranchers.