Wisconsin leads the nation in bankruptcy proceedings on the family estate
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MILWAUKEE – Wisconsin continues to top the nation in bankruptcy on the family farm.
The American Farm Bureau Federation states that from July 2018 through June 2019, Wisconsin farmers filed 45 bankruptcies in Chapter 12. Data shows that the total was five fewer than the previous twelve-month period, but still No. 1 in the nation.
In Minnesota, bankruptcy filings increased by 11, to 31.
North Dakota had nine filings, up one from the previous period. South Dakota increased by 12, to 13.
The Journal Sentinel reports that with depressed milk prices exceeding Wisconsin's thousands of dairy businesses, the state has led the country into bankruptcy in recent years.
Ronald Wirtz, regional outreach director of the Federal Reserve Bank of Minneapolis, has also pointed to Wisconsin's smaller average farm size as a factor, according to the Farm Bureau, which used data from US courts to compile the report.
From July 2018 through June 2019, Wisconsin farmers filed 45 bankruptcies under Chapter 12, part of the US Bankruptcy Code that provides financially troubled family farmers with a streamlined way to repay all or part of the debt.
In total, Wisconsin was five fewer than the previous twelve-month period, according to the Farm Bureau, which used data from US courts to compile the report.
Kansas, meanwhile, saw Chapter 12 filings increase by 13, to 39. In Minnesota, filings increased by 11, to 31.
With depressed milk prices overcoming Wisconsin's thousands of dairy businesses, the state has led the country in farm bankruptcies In recent years. Ronald Wirtz, regional director of the Federal Reserve Bank of Minneapolis, has also pointed to Wisconsin's smaller average farm size as a factor.
Wisconsin also has many farms – the 11th highest total in the country, data from the 2017 US Census of Agriculture show. Although they account for the relatively large number of farms here, however, Wisconsin's bankruptcy rate for the farms is among the highest in the country.
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