Report says farm bankruptcies up in Iowa
November 4, 2019 6:35AM CST
DES MOINES (AP) —- A new report says farm bankruptcies have risen in Iowa.
The American Farm Bureau Federation shows Chapter 12 bankruptcies rose 24% nationwide over the previous year. The report covers the 12 months ending Sept. 30. The report cited severe weather and trade disputes among the problems faced by farmers.
There were 24 farm bankruptcies in Iowa over those 12 months — a year-over-year increase of 10.
The highest number of farm bankruptcies was in Wisconsin, with 48. Nebraska tied for second with Georgia and Kansas with 37.
The report cites U.S. Department of Agriculture estimates that farms will bring in $88 billion in 2019 — 29% below the record set in 2013.