Delgado bill on debt-relief for family farmers becomes law

President Trump has signed a bipartisan bill sponsored by Rep. Antonio Delgado that will enable more family farms to restructure their debts through bankruptcy by raising the limit on debt that qualifies for protection from creditors.

“Today is a victory for our small and mid-size farmers who now have the flexibility to reorganize their debt and continue operations in what continues to be a challenging time for agriculture,” Delgado, D-Rhinebeck, said in a statement last Sunday, after Trump signed the Family Farmer Relief Act. “In this era of bitter partisanship, I was proud to lead my colleagues on both sides of the aisle to pass a bipartisan, commonsense bill to help small farmers in New York’s 19th Congressional District during this down farm economy.”

The bill raises the debt limit to $10 million from $3.2 million for farmers applying for Chapter 12 bankruptcy.  Delgado’s office says the increase reflects the increase in land values and average farm size in the U.S. since the original limit was set.

The House bill had 27 co-sponsors from both parties, including Rep. Sean Patrick Maloney, D-Cold Spring. Republican Sen. Chuck Grassley of Iowa sponsored the Senate version.

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