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New information posted by the American Farm Bureau continues to confirm that 2019 was a difficult year financially for the farming industry that experienced a 20% increase in bankruptcy filings.
Even states such as North Carolina felt the hit. Per the Farm Bureau, farming employs 17 percent of the state’s workforce and is an $87 billion industry in North Carolina. South Carolina’s farming industry has a $41 billion impact on the economy and employs more than 212,000 people.
However, in 2019 there was a 33 percent increase in bankruptcy filings for North Carolina and three times more bankruptcies in South Carolina than in the previous year.
Georgia and Florida had even more bankruptcy filings. In Georgia, 41 farms filed for bankruptcy, the second-highest total in the country behind Wisconsin. Florida had 18 farms file for bankruptcy, according to the report.
Nationwide, there was a total of 595 bankruptcies which is 100 more than the previous year per the Farm Bureau.
Have questions regarding bankruptcy? Contact Attorney Alex Hernandez for a free consultation. Saturday appointments are available.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
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