Wisconsin no longer leads nation in farm bankruptcies
After years of leading the nation in farm bankruptcies, the latest federal data shows Wisconsin has returned to more normal levels of new filings, according to a report from Wisconsin State Farmer.
Federal court data shows Wisconsin only had 10 Chapter 12 bankruptcy cases filed in the 12 months before Sept. 30, 2022. Chapter 12 is a bankruptcy code that allows farmers who are carrying too much debt to reorganize their business and potentially have some of their debt forgiven.
The latest total is a 72% decline from the same period in 2021, when there were 36 new cases filed in the state. At that time, the western district of Wisconsin by itself was tied with Minnesota for highest number of cases in the nation.
In 2020, the same report showed 78 Chapter 12 filings, with western Wisconsin again leading the nation for the highest number of cases.