FARMER BANKRUPTCIES AND FARM EXITS IN THE UNITED STATES, 1899-2002

Abstract

Farmer bankruptcies, bankruptcy rates, and related issues are explored from the beginning of modern bankruptcy legislation over a century ago. Farmer bankruptcies historically have been controversial because they are thought to indicate changes in the economic well-being and structure of the rural economy. Concerns about farmer bankruptcies were heightened twice during the past century. The first was from 1920 through the Great Depression and the second was during the 1980s. Bankruptcy data for Chapters 7, 11, and 13 exist for farmers for the 1899-1980 period, but there are no Chapter 7, 11, or 13 farmer bankruptcy data available beginning in 1980. However, data are available for the 1986-2002 period for Chapter 12, the Family Farmer Bankruptcy Act of 1986, that became effective on November 26, 1986, in response to the farm financial crisis of the 1980s. Some 22,519 Chapter 12 cases were filed through 2002, with the highest rate being in 1987. Farmer bankruptcy filing rates trended down after the late 1980s because of improved economic conditions and institutional changes.

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