Federal courts report that 216 farm bankruptcies were filed in 2024, up 55% from 2023. All but one region had increases in Chapter 12 bankruptcy filings last year. Bankruptcy filings in territories and states outside the contiguous 48 states – designated “Other” by the U.S. Courts – more than tripled in 2024, hitting a five-year high of 14 bankruptcies. However, this is still lower than any year between 2007 and 2019. The American Farm Bureau reports Chapter 12 bankruptcies filed in the Northwest doubled from 2023 to 2024. With 12 filings, they tied the Southwest for the region with the second fewest filings. The Southwest was the only region with a decrease in filings (down 14% from 2023) after being the only region to increase in Chapter 12 filings in 2023. After experiencing significant droughts and weather-related losses in the Southwest in 2023, all states except Utah had lower weather losses in 2024. All other regions – Southeast, West, Northeast, Mid-Atlantic and Midwest – had double-digit increases in filings from 2023 to 2024.
Farm bankruptcies up sharply in 2024
