Farm bankruptcies have soared to the third-highest rate in 20 years across the United States.
In the fiscal year ended March 31, there were 627 Chapter 12 bankruptcies, a 23 per cent increase from the previous year.
The American Farm Bureau Federation reports Wisconsin was the hardest hit with 78 filings in the 12 month period, followed by Nebraska with 41 Chapter 12 filings and Iowa at 37.
More than 50 percent of the Chapter 12 filings were in the 13-state Midwest region, followed by 19 percent in the Southeast.
One wonders how so many can be bankrupted while United States President Donald Trump was shovelling out more than $6 billion in tariff-compensating subsidies, then topping that up with another $5.5 billion in COVID-19 subsidies.
A Chapter 12 bankruptcy is for farmers, giving them an opportunity to refinance their business.
The two previous highs were 2011 with 745 filings and 2003 with 632.
