Progress 10/01/23 to 09/30/24
Outputs
Target Audience:The target audience is agricultural producers, Cooperative Extension agents, and agribusiness professionals who regulary interact with producers, researchers, and policymakers. These individuals are responsible for farm financials or are influential in assisting producers with their farm decisions that affect farm financials. In particular, we focus on those that are experiencing more significant financial distress and methods to sustain farming operations under those conditions. Changes/Problems:
Nothing Reported
What opportunities for training and professional development has the project provided?
Nothing Reported
How have the results been disseminated to communities of interest?
Nothing Reported
What do you plan to do during the next reporting period to accomplish the goals?The next reporting period is essential to the dissemination of findings. We have three research papers in working draft form that will be submitted for publication. Multiple presentationsl are also expected at regional and national conferences. Production will begin on the online financial management course to assist producers in financial distress. At least five extension articles will be published.
Impacts
What was accomplished under these goals?
Farm operations continue to experience signficant financial distress that affects the livelihood of farmers and local communities. We have continued to expand on the development of a unique dataset of farm bankruptcy cases across ten states in the U.S., including Alabama, Georgia, Maryland, California, Wisconsin, Texas, Kansas, Iowa, Montana, and Vermont. These data are combined with freely available data provided by the Federal Judicial Center for analysis. We have focused on the continued organization and collection of these data during the most recent reporting period. We have also been analyzing these data with descriptive statistics and multinomial logit methods to understand business structure, debt composition, and economic outcomes. Legal case studies have also been identified for discussion. There are currently three research papers in working draft form, five extension artices, and a structured training curriculum has been developed.
Publications
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Progress 10/01/22 to 09/30/23
Outputs
Target Audience:The target audience is agricultural producers, Cooperative Extension agents, and agribusiness professionals who regularly interact with producers, researchers, and policymakers. Changes/Problems:
Nothing Reported
What opportunities for training and professional development has the project provided?
Nothing Reported
How have the results been disseminated to communities of interest?We published a series of four articles in Southern Ag Today that focused on the farmer bankruptcy process and filings over the previous decade. This created increased awareness of the legal options available to farmers experiencing financial distress and available data for research opportunities. What do you plan to do during the next reporting period to accomplish the goals?During the next reporting period we will continue the data collection and organization to add bankruptcy cases in Texas, Kansas, Iowa, Maryland, and Vermont. This allows for greater geographic and farm operation diversity in the data that will be used for analysis. We will continue to build an analysis of the data during the next reporting period to better understand the business structure, debt compensation, and outcomes of the cases. This will directly inform the development of the online financial management curriculum to assist farms in financial distress. Additional work is expected in drafting extension-related publications and working papers on research outcomes.
Impacts
What was accomplished under these goals?
There is a critical need to understand farm operations that experience significant financial distress. This condition can cause harm to the livelihood of farmers as well as local communities. The most extreme negative financial outcomes can be observed through the bankruptcy process, which offers opportunities for farmers to restructure their debt through court protection to ultimately sustain the future of the farm. In order to understand these farms, wehave collected data from farm bankruptcy cases in Alabama, Georgia, Maryland, California, and Wisconsin. This is combined with the freely available data provided by the Federal Judicial Center for analysis. During this reporting period, we have focused on the organization and collection of these data. This will immediately provide our research team with an opportunity to analyze a unique set of variables that will provide further guidance into the financial situations of farms in bankruptcy. We also performed descriptive analysis of the Federal Judicial Center data for use in outreach publications.
Publications
- Type:
Other
Status:
Published
Year Published:
2023
Citation:
Goeringer, Paul, William Secor, and Adam Rabinowitz. Bankruptcy as an Option to Relieve Financial Distress. Southern Ag Today 3(5.3). February 1, 2023.
- Type:
Other
Status:
Published
Year Published:
2023
Citation:
Goeringer, Paul, William Secor, and Adam Rabinowitz. Chapter 12 Bankruptcy as an Option to Relieve Financial Distress. Southern Ag Today 3(6.3). February 8, 2023.
- Type:
Other
Status:
Published
Year Published:
2023
Citation:
Secor, William, Adam Rabinowitz, and Paul Goeringer. Financial State of Chapter 12 Bankruptcy Filings. Southern Ag Today 3(7.3). February 15, 2023.
- Type:
Other
Status:
Published
Year Published:
2023
Citation:
Rabinowitz, Adam, Paul Goeringer, and William Secor. Outcomes of Chapter 12 Bankruptcy Filings. Southern Ag Today 3(8.3). February 22, 2023.
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Progress 10/01/21 to 09/30/22
Outputs
Target Audience:
Nothing Reported
Changes/Problems:
Nothing Reported
What opportunities for training and professional development has the project provided?
Nothing Reported
How have the results been disseminated to communities of interest?
Nothing Reported
What do you plan to do during the next reporting period to accomplish the goals?During the next reporting period, we will continue to collect farm bankruptcy data to assemble our dataset. We will also begin analysis of these data, work on peer review journal articles, and publish extension materials to educate stakeholders on the farm bankruptcy process.
Impacts
What was accomplished under these goals?
Farmers have been facing significant uncertainty in agriculture as a result of supply chain challenges and increasing input costs. A subset of farms ultimately face extreme negative financial distress that presents a risk to continuing their farming operation. This may include generational family farms that are in need of determining a future direction for the farm. Through this project, we have secured access to farm bankruptcy filings in ten states throughout the United States, representing a diverse set of agricultural production activities and farm financial positions. From these filings, we have started to assemble a unique dataset of farm-level bankruptcy cases.
Publications
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