record numbers, but much (if not most) of this is the billionaire class writing off unrelated debts under a friendlier regime willing to not look too closely under the rug.

2/ like Bessent the “soybean farmer” who own farms for just this purpose. They can now write off millions of dollars of unrelated debt under Chapter 12, essentially laundering it. Operate multiple farms under shell companies, and you can see where I’m going. Yes, small farms are being crushed at

1/ This does not reflect exactly what you think it does. In 2019 under Trump 1, republicans raised the debt limit for Chapter 12 bankruptcy to $10 million. It also stipulated that only 50% of their debt actually had to be related to their farming activities. A nontrivial amount of this is people