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Bankruptcy filings drop sharply in the region

Rochester Business Journal
February 3, 2014

Rochester-area bankruptcy filings in January took their sharpest drop in months, declining by more than 20 percent.

The 134 new bankruptcy cases filed in the U.S. Bankruptcy Court’s Rochester division showed a 25.1 percent drop from the 179 petitions filed in the nine-county division in the previous January.

The courts’ Rochester division covers the counties of Monroe, Livingston, Ontario and Wayne along with Chemung, Schuyler, Seneca, Steuben and Yates.

Chapter 7 filers seek to liquidate assets to create a fund to fully or partly pay creditors. Chapter 13 filers make plans to fully or partly pay creditors in up to 60 monthly installments without resorting to liquidation.

Chapter 11 filers are usually businesses seeking court protection to reorganize. They also file plans detailing full or partial payment to creditors.
    
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 

 


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