So far in 2025 there have been 259 chapter 12 filings for farms. That’s more than all of 2024, which was 216. In the past decade, the highest farm bankruptcy count was in 2019 — after President Trump’s trade war with China — which saw 599 filings. But since then, farm bankruptcies have been trending downward. As of April, the top state with farm bankruptcy filings was Iowa.