Farmers in Arkansas are sounding the alarm—and for good reason. While financial stress is widespread across U.S. agriculture, Arkansas is experiencing Chapter 12 bankruptcies at a pace faster than almost any other state.

Dr. Ryan Loy, an agricultural economist at the University of Arkansas, has been tracking the numbers closely. He warns the data likely understates the real picture. “Some farmers aren’t yet reflected in the latest filings,” he told American Farmland Owner. “The stress is worse than what we’re seeing on paper.”