On Friday, August 23, 2019 the President signed the Family Farmer Relief Act of 2019. The Act increases the debt limit in the Bankruptcy Code’s definition of family farmer from the current $3,237,000 to $10,000,000.00. The increase in the debt limit is intended to make Chapter 12 relief available to more family farmers.
Chapter 12 is designed to promote the reorganization of family farms through a streamlined plan and plan confirmation process. For more information, please contact a bankruptcy attorney in your state.