The Senate has now followed the House and passed the Family Farmer Relief Act of 2019. The measure expands farmers access to relief under Chapter 12 bankruptcy rules by increasing the debt limit from $4.2 million to $ 10 million. South Dakota Farmers Union President Doug Sombke says he’s pleased Congress is responding to the tough economic strain many farmers are under.
He says the amount of bankruptcies have risen dramatically in South Dakota over the last few years.
Sombke says by approving this legislation, Congress is helping many farmers hold on for just a little longer.
Sombke notes that farm debt is at a record high with many operations being pushed to the brink financially. He says they’ve been facing the perfect storm of chronic over production, an ongoing international trade war and a series of extreme weather events.
