Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Farmers in Wisconsin, elsewhere struggle through market crisis

Owning a business can be a major financial challenge, depending on the industry you are in and the health of the markets, the fluctuating costs of operating the business, and various other factors. This is particularly the case for farmers, who are particularly vulnerable to the vagaries of a supply and demand system.

According to the U.S. Department of Agriculture, farm income is in the third year of a significant decrease. The stretch of hard times has led to many farmers borrowing additional money, selling unnecessary equipment and giving up leases. The situation is largely due to a decrease in the prices for corn and soybeans, as well as an oversupply of grain and difficult markets overseas. 

Experts say farm debt is expected to exceed $372 billion this year, which is worse than the situation in the 1970's when accounting for inflation. Signs of hope remain, though, in low interest rates and relatively steady land prices. Here in Wisconsin, as elsewhere, many farmers were able to make good progress with debts when commodity prices were higher, which will give them a better shot at weather the current crisis.

Still, some farmers--particularly smaller producers--are failing and more will continue to struggle through the crisis, taking on additional debt and perhaps closing down operations altogether. For farmers, knowing what options are available to address burdensome debt is important to ensure they have the opportunity to make the best possible choice for their business.

In our next post, we'll continue looking at this topic as it relates to the issue of bankruptcy.

Sources:

NPR, "With Economy Stuck In The Mud, Farmers Sink Deeper Into Debt," Grant Gerlock, March 3, 2016.

Wisconsin Public Radio, "Wisconsin Farm Debt Grows Rapidly As Commodity Prices Stay Low," Hope Kirwan, June 20, 2016. 

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map