In this period of low agricultural market prices and small margins, it is important to understand how to deal with financial trouble when it arises in a farming operation. The state of Iowa has put structures in place to help farmers work their way out of extreme financial difficulties. This process, known as mediation, can be the first step toward addressing debt repayment problems.
During the farm crisis of the 1980s, the Iowa court system was flooded with farmers facing foreclosure. Looking for a way to solve those cases before they went to court, the Iowa legislature created Iowa Mediation Service, a non-profit organization that is governed by the state’s Attorney General.
While today’s farm financial situation doesn’t mirror the 1980s, there is still cause for concern and Iowa Mediation Service is available for farmers who are at risk.
For more information visit our website: http://www.extension.iastate.edu/ag/