US farm bankruptcies hit an eight-year high in 2019



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US farm bankruptcies hit an eight-year high in 2019

The pace at which US farms were getting bankrupted had been climbed by the most in 2019 in last eight years, as a wave of persistent economic punches on US farming sectors, which had been the heaviest hit in an eighteen-month-long US-China trade row, appeared to have added an en masse financial woe despite a number of havoc-scale federal bail-out campaigns for US agricultural economy, federal court data seen by a press agency reporter had revealed on Thursday, the 30th of January 2020.

Besides, according to US federal court data released this week, US farm bankruptcies had surged 20 per cent last year, while a raft of US farmers had left their generations of farming business last year and moved in to mega cities in hopes of better pay offs.

To be precise, 595 US farmers had filed for Chapter 12 bankruptcy last year, more than 20 per cent higher than 498 Chapter 12 bankruptcy filings lodged in 2018, while Thursday’s (January 20th) data also revealed that the number of such filings, which lawyers call as “family farmer bankruptcies,” grew steadily over the past five years, suggesting a large chuck of US farmers had already deserted their farming businesses amid rising expenses alongside financial strains.