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Area bankruptcy filings decline in February

Rochester Business Journal
March 12, 2014

New bankruptcy filings in the Rochester area fell in February.

Figures reported by the Western District of New York Bankruptcy Court Clerk show a 30 percent drop with filings in the federal courts’ Rochester division falling from 148 in February 2013 to 104 last month.

Area filings through the first two months of 2014 saw a 27 percent drop, falling from 327 in 2013 to 238 this year.

The courts’ nine-county Rochester division includes the counties of Monroe, Ontario, Livingston, Wayne, Seneca, Steuben, Yates, Schuyler and Chemung.  

The region’s bankruptcy filings in February included 77 Chapter 7 cases and 27 Chapter 13s. No Chapter 11 cases were filed.

Chapter 7 filers seek to discharge debts by liquidating assets to create a fund to pay creditors part or all of what they are owed. If filers have no assets, unsecured creditors go unpaid.

Chapter 13 filers—most often consumer debtors—do not liquidate but file plans to pay part or all of what they owe in as many as 60 monthly installments.  

Chapter 11 filers—usually businesses looking to reorganize under court protection—also agree to fully or partly pay 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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