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Bipartisan Family Farmer Relief Act to Ease Bankruptcy Rules
USAgNet - 05/20/2019

U.S. Rep. Angie Craig deeply understands that farmers across the district are facing a difficult economic climate with decreasing commodity prices and a harmful trade war. That's why Craig announced she has cosponsored the Family Farmer Relief Act of 2019.

The bill would ease the process of restructuring farm debt through Chapter 12 Bankruptcy rules, by expanding the debt cap that can be covered under Chapter 12 Bankruptcy from $3,237,000 to $10,000,000. As farm operations have changed in size and land value, this bill gives farmers flexibility to manage financial stress during this farm economy downturn.

"The hard work of our farmers puts food on our tables, powers our vehicles, and drives our economy forward, but unfortunately this reckless trade war and dwindling commodity prices have taken a serious financial toll on family farmers who just want to pass their farms on to the next generation," said Craig. "While this bill is an important step to help farmers manage debt, I implore my colleagues to put politics aside and stay focused on addressing the trade issues causing financial stress in Greater Minnesota."

The bill is strongly supported by many farm groups.

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