Lonoke County Farm Files for Bankruptcy Protection Amid $1.46M Debt

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A farm in Lonoke County filed for bankruptcy protection last month, listing $1.46 million in debts.

James Wise Farms LLC of Scott filed Chapter 12, which is designed to give special debt relief to a family farmer with regular income from farming.

The company listed the value of its property at zero.

The farm’s largest debt was owed to Stratton Seed Co. of Stuttgart, which is owed $1.2 million for trade debt, according to the bankruptcy filing.

Agrifund LLC said in a court filing in the bankruptcy case that it is owed $370,872. The amount stemmed from a $3.5 million promissory note that was taken out in March 2023, the filing said.

James Wise Farms is represented by the Havner Law Firm of White Hall, which declined to comment.