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National & World Ag News Headlines |
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House to Take Up Family Farm Bankruptcy Protection Bill
USAgNet - 04/23/2019
Nearly a month after being introduced in the U.S. Senate, House members will soon get their turn to consider legislation that aims to help struggling farm families who need protection from the U.S. bankruptcy code. Last week, Wisconsin Congressman Jim Sensenbrenner joined five other colleagues in introducing the bipartisan Family Farmer Relief Act of 2019, which helps ease the process of reorganizing debt though Chapter 12 bankruptcy rules.
House Agriculture Committee Chairman Collin Peterson says the bill will be referred to the Judiciary Committee for consideration.
Under current law, Chapter 12 bankruptcy removes certain costly reorganization requirements intended for large corporations at a maximum of $3.2 million. This bill raises the Chapter 12 operating debt cap to $10 million, allowing more family farmers to seek relief under the program.
In March, Wisconsin's Ron Johnson and Chuck Grassley of Iowa introduced the bill in the Senate to help farms reorganize financially after falling on hard times.
Other co-sponsors of the House version include Reps. Antonio Delgado, New York; TJ Cox, California; Kelly Armstrong, North Dakota; and Dusty Johnson, South Dakota.
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