A New York congressman says he is leading a bipartisan bill to ease bankruptcy rules for farmers.
Freshman New York Congressman Antonio Delgado says the Family Farmer Relief Act would ease the process of reorganizing debt through Chapter 12 bankruptcy rules. The Democrat says the legislation is needed amid a continued downturn in the farm economy. Delgado’s 19th District contains a lot of farms, and he says the bill will provide the restructuring and repayment flexibility farmers need to get through difficult times without closing their operations. The House legislation is a companion to the bipartisan Senate bill introduced by Iowa Republican Chuck Grassley. The bill increases the debt cap that can be covered under Chapter 12 bankruptcy from more than $3.2 million to $10 million. The legislation is endorsed by the American Farm Bureau Federation and National Farmers Union.
