Certainly if there was anything in the files, Biden would have done the right thing and prosecuted those involved? Right?
Farmers and fishermen have their own chapter of the bankruptcy code, Chapter 12.
If the farmer can't reorganize and pay the mortgage on the farm and equipment then it will be foreclosed by the lender. If there is no mortgage the farm and equipment will be sold by a bankruptcy trustee and proceeds distributed to creditor in accord with the code. You can bet there is a mortgage otherwise why the bankruptcy.
In the late 80's and early 90's my wife's step FIL went through 2 chapter 12s. He farmed about 2000 acres near Boswell, OK. He owned about 800 that had been in his family for over 100 years. He was born, raised and lived his entire life on that land. He leased about another 1200 and farmed mainly soybeans and wheat. He had high end cattle (I've forgotten the breed) and all the requisite tractors and equipment to run such and operation. I once spent 8 hours in the cab of a huge John Deere tractor pulling a three gang of soybean planters. Tractor was nice, AC, stereo, air ride seat, power steering and brakes. Set the rpms at 2500 then its just shifting the auto trans between 2nd and 3rd to slow and speed up. Cooler of beer and a few joints, it was a blast.
The farm didn't survive the financial crisis (think 90's bank crisis) and he lost it all. The morning he was to be evicted he took a bath, shaved, put on his best cologne and Sunday go to meeting clothes. Walked into the living room, pulled a 22 rifle from the gun cabinet, put it to his forehead and pulled the trigger. My MIL was upstairs and heard the shot.
Forget the italicized sentence, legacy paste. The post was for #6.