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Bankruptcy modification legislation aimed at helping farmers

Source: Wikimedia Commons

To say farmers are facing tough economic times may be the understatement of the year. The rest of the economy is growing while agriculture is dragging behind. Legislation introduced by a New York Representative is aimed at helping farmers through the tough times.

Representative Antonio Delgado (D-NY 19th) says while Chapter 12 Bankruptcy rules were written to help farmers through tough times, they are no longer adequate to the needs farmers have in these difficult times.

Delgado highlighted the situation farmers are facing compared to the rest of the economy.

Delgado’s legislation known as the Family Farmer Relief Act would increase the debt cap for eligibility from $3.237 million to $10 million.

The legislation has bipartisan support in the form of a Republican Senator. Also, the American Farm Bureau and National Farmers’ Union support the measure.