As agricultural bankruptcies climb throughout the Midwest this year, a legal expert is recommending that farmers take proactive steps to protect their operations through comprehensive financial planning.
Joe Peiffer, an attorney with Ag and Business Legal Strategies, emphasizes that conducting thorough financial assessments could serve as an essential tool for managing risk. According to Peiffer, examining loan agreements and monitoring operational costs may help agricultural producers prevent defaulting on their financial obligations.
“If things aren’t going to work in a restructuring mode, they might have to look” at other options, Peiffer noted, suggesting that early intervention could make the difference between saving a farming operation and losing it entirely.
