Bill includes fix for farmer bankruptcy reform
The supplemental appropriations bill passed by the Senate today includes the Family Farmer Bankruptcy Clarification Act of 2017, sponsored by Sens. Chuck Grassley, R-Iowa, and Al Franken, D-Minn.
The measure would rectify a 2012 Supreme Court ruling on a previous bankruptcy reform law that ignored Congress’ express goal of helping family farmers, Grassley said in a news release.
“Family farmers face obstacles that others don’t when dealing with bankruptcy. Their assets are largely tied up in farmland, which creates significant challenges for these family operations when reorganizing debt. Years ago, Congress took specific steps to address these disadvantages, but the Supreme Court failed to recognize Congress’ intent when evaluating the law,” Grassley said. “Thankfully, Congress has now approved a fix for this problem, and family farmers facing hard times can breathe a sigh of relief. I look forward to the president signing this bill into law.”
“Our bipartisan bill is a commonsense fix to ensure that the law functions as intended and protects family farmers in Minnesota and across the country,” Franken said. “I’m glad this bill is set to become law and will help ensure farmers going through bankruptcy get a fair shake and are able to repay the debts they owe without sacrificing their families’ futures.”