ILLINOIS (RFD) — An analysis of Chapter 12 bankruptcies, which includes farm bankruptcies, shows a continued increase in Illinois and several other Midwestern states. While the numbers dropped nationally, American Farm Bureau Chief Economist John Newton says the figures show tough farm financial conditions here in the heartland;
Of the nearly 450 Chapter 12 bankruptcy filings in fiscal year 20-18, more than half took place in U-S court districts where farmers grow corn, soybeans, produce dairy products and raise livestock;
The U-S Department of Agriculture expects farm debt-to-asset-ratios to climb again this year. If that holds, they will be the highest since 20-09 and the sixth consecutive year of climbing farm debt.