Overall, in 2022, USDA reports that there were 2,002,700 farms in the U.S., which was down from 2,012,050 in 2021, a loss of 9,350 farms. With 169 filings, farm bankruptcies in 2022 were the lowest since Chapter 12 became permanent in 2005. This comes just three years after the third-highest number of farm bankruptcy filings - 595 in 2019. According to data from the U.S. Courts, Chapter 12 bankruptcy filings were down nearly 39% from 2021. This is the first time since Chapter 12 became permanent that there were fewer than 200 filings.
Source: American Farm Bureau Federation