If the farm participates in government programs, look at all alternatives to determine which best fits your situation. When looking at the alternatives, keep in mind the tax effects as well. With current commodity prices, it may be necessary to talk with landowners. County Extension Centers have information about the types of leases. If a major enterprise needs to be eliminated, be sure to examine the income tax effects.
Interest rates are still reasonably low.
There may be some opportunity to refinance debt at lower levels. Calculations will need to be done to see if the cost of refinancing is lower than the interest savings. Before doing that, look at the farm business to see if it can handle the debt payments long term. If this is an option you decide to use, be sure to keep creditors informed. Utilize your accountant or attorney to calculate tax consequences of this decision before liquidating assets.