In almost every economic downturn, there is indebtedness that could not be paid and the indebtedness, in whole or in part, is discharged.1 That was certainly the case in the farm debt crisis of the 1980s2 and promises to occur, probably on a much smaller scale, for the current downturn which is characterized by lower commodity prices.
Harl, Neil E.
"Discharge of Indebtedness for Farm and Ranch Debtors,"
Agricultural Law Digest: Vol. 27
, Article 1.
Available at: http://lib.dr.iastate.edu/aglawdigest/vol27/iss7/1