It looks like milk prices are starting to get a little better, which might be small consolation to dairymen who were pummeled by the twin forces of high feed and low milk costs last year. This story in the Business Journal indicates its going to be a long road back for a lot of these dairies to recover from last year.
Bankruptcy lawyers have learned a lot about dairies in the last year or so, because many dairies have been forced to seek bankruptcy protection. Small dairies can often file Chapter 12 bankruptcy to take advantage of many of the benefits offered to family farmers in bankruptcy. Chapter 12 is a debt restructuring plan that allows family farmers to propose a way to pay off creditors as they are able, instead of when the creditor demands it, which is often unrealistic.
