The level of bankruptcy of farms on a national scale is stable and even slightly below the average maximum.
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According to the American Federation of Farmer’s Bureau, the number of applications filed under chapter 12 of the Bankruptcy Code turned out to be 1% less than the previous year and below the average for the past 10 years.
According to the chief economist of the American Federation of Farmers' Bureaux, the bankruptcy rate did not reach the record level that was observed in the United States from 2009 to 2012.
The main problems of American farmers last year were a stronger than usual debt burden and a decrease in profitability. Such a trend, according to experts of the Farm Bureau, may lead to the lowest profitability since 2002.
Chapter 12 of the Bankruptcy Code is the only one by which the United States can consider relevant applications from farmers, as well as fishermen.
The chapter was put into effect in 1986 as a response to the deepest agricultural crisis since the Great Depression of the 1920s, provoked by a combination of various factors, including low commodity prices, long-growing national inflation, high inflation, and rising prices. on gas and the trade embargo imposed against the USSR.
