By: the Waukesha Freeman
WASHINGTON — President Donald Trump has signed the Farmer Family Relief Act into law, a bill on which Wisconsin U.S. Rep. Jim Sensenbrenner was the lead Republican co-sponsor.
According to a press release from his office, Sensenbrenner said the Family Farmer Relief Act of 2019 brings needed help to a critical link in America’s economy and a vital part of American community life.
The law stems from Chapter 12 of the Bankruptcy Code, which Congress permanently enacted in 2005. Chapter 12 is used to help family
farmers reorganize their debts in times of need and keep farms going, the release states.
However, in the years after Chapter 12’s enaction, Sensenbrenner said family farms have become more expensive to operate and the ceiling on how much debt a family can reorganize lagged behind.
“The Family Farmer Relief Act of 2019 fixes this problem,” he said. “It raises the ceiling from the old, roughly four-and-one-half million dollar limit to a more reasonable $10 million.”
“This means that more family farmers will be
able successfully to reorganize when they need to — to the benefit of the economy and local communities across this land.”