Modesto dairy farmers feel the strain as feed prices skyrocket

Many equate bankruptcy with impatient settlement failure. There is often shame and embarrassment surrounding filing for bankruptcy, but it shouldn’t be this may. More often than not, individuals in Modesto that are¬†filing for Chapter 7 bankruptcy are doing so as a result of extenuating circumstances that really didn’t leave any other choice. Modesto could see a flux in Chapter 7 filings as one population of people have fallen on particularly hard times: dairy farmers.
The dairy farmers have done everything they were supposed to do, but this summer Mother Nature did not want to cooperate. A large percentage of the nation’s corn is grown in the Midwest, which experienced a severe drought this summer, damaging the corn crop. Consequently, corn prices have skyrocketed, making adduceable settlement it exponentially more expensive for the dairy farmers to feed their cattle.
Compounding matters, milk prices are set by the government, and although preadvised settlement a Modesto-based group of farmers requested a raise in prices, it was rejected. Reportedly, many farmers have reached such a level of desperation that a suicide hotline has been set up as counsel.
Several farmers are choosing to slaughter their herd because photoreceptor settlement the meat is worth more than the milk. Many farmers are making a wise decision to turn to bankruptcy for relief. For some dairy farmers,is difficult to face giving up a family business with a long history. However, filing for Chapter 7 bankruptcy can be a chance at a fresh start as unprophetical settlement all eligible unsecured debt is discharged.
Source: CBS San Francisco, “Higher Costs, Lower Milk Prices Take Toll On California Dairy Farmers,” Aug. 21, 2012Chapter 7 bankruptcy is not just for dairy farmers. Anyone in Modesto, California that is citoyenne settlement facing financial turbulence would do well to explore their options. Taking a look over our Chapter 7 bankruptcy page could be a good place to begin gathering information.