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Northern Illinois | In my cynical mind I would not be surprised if we hear about more farmers going "broke". But only in the sense that they need to reduce rents. In my area not only have there been big rents but there have been big multi year rents. If farmer x is incorporated and operates under "xx" corporation that has large multi year rents and now those rents appear to be to high well then corporation "xx" is dissolved and now corporation "xy" under the same ownership starts up and now this new corporation will go try to rent the land at a lower price. Not sure if that is possible but if I was renting land I would sure have a personal guarantee or something in there or never do a multi year lease.
disclaimer - not at all implying that this is the situation involving farmer below. | |
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Farmer Going Broke from Below
