A measure easing Chapter 12 bankruptcy limits for farmers has passed the House. The bill expands the cap under Chapter 12 bankruptcy to $10 million. Iowa Farmers Union President Aaron Lehman says raising the limit will be very helpful for farmers going through economic stress.
He thinks with support from both parties for the House measure that will help passage in the Senate.
Lehman says other steps need to be taken to help farmers and ranchers including more assistance for improving credit opportunities.
House sponsors included Ag Committee Chairman Collin Peterson of Minnesota, South Dakota’s Dusty Johnson and Cindy (ax-knee) Axne of Iowa. The main sponsor in the Senate is Iowa’s Chuck Grassley.
