The overall farm bankruptcy rates are dropping. The American Farm Bureau looked at data from the U.S. courts that showed from June of 2020 to June of 2021, there were 438 chapter 12 bankruptcy filings, down 24 percent. University of Nebraska Lincoln Ag Economist and Extension Policy Specialist Brad Lubben says there’s been an improvement for finances for farmers and ranchers despite the pandemic and other factors.
He says despite the recent trend toward less farm bankruptcies there are still challenges ahead for farmers and ranchers.
Lubben says it’s still important producers manage their financial risks going forward.
The Midwest leads all regions with the number of farm bankruptcy filings with 235, which is 61 fewer than last year and down 21 percent from the previous year.
