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Bankruptcy filings in region climb in June

Rochester Business Journal
July 1, 2013

In their first rise since January, Rochester-area bankruptcy filings were up in June, figures compiled by the clerk of the Western District of New York Bankruptcy Court show.

In June, bankruptcy petitions filed in the federal courts’ nine-county Rochester division were up 4.5 percent, rising to 163 from 156 in the same month last year. The federal courts’ Rochester division covers Monroe, Livingston, Ontario and Wayne counties, along with Chemung, Schuyler, Seneca, Steuben and Yates counties.

Last month’s rise was not enough to reverse a trend of filing declines for the year to date. Over the first half, local bankruptcy filings were down 8.3 percent, dropping from 1,163 in the first six months of 2012 to 1,066.

In June, 132 area filers sought Chapter 7 debt discharges, 30 filed Chapter 13 petitions and one business asked for Chapter 11 protection.

Chapter 7 filers seek to liquidate assets to create a court supervised fund to pay creditors part or all of what they are owed. In no-asset Chapter 7 cases, unsecured creditors see nothing.

Chapter 13 filers, usually consumer debtors or very small businesses, make plans to pay creditors part of all of what they are owed over five years.

Chapter 11 filers are usually businesses that file plans to partly or fully pay creditors while continuing to operate under court protection.

At the start of 2013, observers familiar with area bankruptcy trends correctly predicted that a 17.8 percent spike in filings last January would be an anomaly. It is uncertain whether last month’s rise also will be a temporary departure from the trend of declines.
 
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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