Family farmer and family fisherman bankruptcies are down from prior years, according to the American Farm Bureau Federation.
Its analysis says Chapter 12 bankruptcies in 2018 totaled 498, down about a percent from the year before. Nearly half of those were in the Midwest, which is up about 20 percent for that region.
The Farm Bureau market intel report notes, however, that the U.S. still had fewer farmers than the year before and the situation is likely to worsen with farm debt at record highs.
The Farm Bureau says Chapter 12 bankruptcy does not mean a farmer loses the farm, some have opportunities to retain assets and continue the operation.