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Farm bankruptcy relief bill passes Congress
A bill making it easier for family farmers to reorganize their debts when facing bankruptcy passed Congress this week as part of the supplemental appropriations package approved by the Senate. The bipartisan bill rectifies a 2012 Supreme Court ruling on a previous bankruptcy reform law which ignored the intent of Congress to help family farmers. Iowa’s Chuck Grassley and Minnesota’s Al Franken sponsored the bill.
Grassley says farmers assets are mostly tied up in farmland – an obstacle not faced by others dealing with bankruptcy – and this bill corrects that.
Franken says their bill is a commonsense fix and will protect family farmers in Minnesota and across the country.
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