US Farm Bankruptcies Jump 55% in 2024

Feb 21, 2025

American farm bankruptcies spiked in 2024 amid worsening financial conditions.

Numbers from the American Farm Bureau Federation on Thursday showed US courts reported 216 farm bankruptcies last year, up 55% from a year earlier. That is still 64% below the all-time high of 599 filings in 2019 but does snap a four-year long downtrend in bankruptcies.

In the key Midwest region where corn and soybean crops are largely grown, there were 71 bankruptcy filings in 2024, a hefty 69% increase from the prior year. On a state-by-state basis, Michigan had the largest increase in filings with 12 cases, up from zero in 2023. Eight other states and territories had double-digit filings in 2024, including Nebraska with 15 and Kansas with 10. Iowa recorded 7 bankruptcies in 2024, while Illinois had 4. California had the most bankruptcies at 17.

Net farm income in 2024 reached a four-year low, decreasing nearly 24% in just two years. Lowered revenues and above-average production costs continue to squeeze farmers and ranchers on both sides of the balance sheet, threatening farm liquidity, the farm bureau said. As such, farm operating loans continue to surge to cover expenses.

Row crop markets have experienced sharp decreases in cash receipts for three years, with expected further declines of over 4% and 6% in corn and soybean receipts, respectively, in 2025.

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Border View Farms is a mid-sized family farm that sits on the Ohio-Michigan border. My name is Nathan. I make and edit all of the videos posted here. I farm with my dad, Mark and uncle, Phil. Our part-time employee, Brock, also helps with the filming. 1980 was our first year in Waldron where our main farm is now. Since then we have grown the operation from just a couple hundred acres to over 3,000. Watch my 500th video for a history of our farm I filmed with my dad.

I started making these videos in the fall of 2019 as a way to help show what I do on a daily basis as a farmer. Agriculture is different from any other industry and I believe the more people that are showing their small piece of agriculture, helps to build our story. We face unique challenges and stressful situations but have some of the most rewarding payoffs in the end. I get to spend everyday doing what I love, raising my kids on the farm, and trying to push our farm to be better every year. I hope that I can address questions or concerns that you might have about farms and agriculture.