A nationwide drought that has prompted authorities to declare a natural disaster in 1,000 counties in 26 states (including Colorado) has left many farmers abandoning acreage, filing insurance claims and, in some cases, contemplating bankruptcy.
Our Colorado Springs Chapter 7 bankruptcy lawyers know that while this drought is currently affecting farmers and those in the agriculture business, it won’t be long before food prices start to soar, which will inevitably affect everyone.
When even basic expenses like food become difficult to afford, many people will be forced to choose between continuing to pay down existing debts and eating. For most, that isn’t a choice at all.
A Chapter 7 bankruptcy can help by allowing you to unburden yourself from those existing debts, particularly if you are so deep you have little hope of ever being able to repay it anyway.
According to officials, this is the worst drought to slam the country in nearly 25 years.
In addition to farmers, reports indicate that restaurants, the boating industry and others will be affected as well.
So far, the U.S. Department of Agriculture has approved roughly 280 disaster loans relating to the drought, which equal more than $28 million.
But that’s only a temporary fix, and those loans can be tough to get.
The dryness is a major factor for states in the south and west – and Colorado is right in primary dry zone.
What makes it especially worse for farmers is that the lack of rainfall follows record heat waves, fatal storms and raging wildfires. In fact, the last 12 months have been hotter than any other since 1895 – when we first started maintaining weather records in the U.S.
An official with the Drought Monitor reports that half of all U.S. ranges and pastures are in either poor or very poor condition, which is a spike of nearly 30 percent in just a matter of weeks.
Factoring in the recent wildfires in Fort Collins, the nationwide acreage torched by brushfires shot up from 1.1 million to 3.1 million.
While we can’t adjust the temperatures or make it rain, we can help you find financial relief.