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Region's bankruptcy filings drop 19 percent in April

Rochester Business Journal
May 1, 2014

Rochester-area bankruptcy filings fell last month and, continuing a long-term trend, are down for the year.
 
The 161 new bankruptcy cases filed in the Western District of New York’s Rochester division last month reflected a 19.1 percent drop from the 199 cases filed in the region a year ago.

Area filings for the first four months of 2014 dropped 18.2 percent drop to 571, from 698 during the same period in 2013.

The region’s bankruptcy filings in April included 127 Chapter 7 cases and 34 Chapter 13 filings. No Chapter 11 cases were filed.

Chapter 7 petitioners seek to discharge their debts by liquidating assets to create funds out of which creditors are paid sums ranging from zero to 100 percent of what they are owed. Chapter 13 filers make plans to partly or fully pay their debts in installments over as long as 60 months.

Chapter 11 filers are most often businesses. They also make plans to fully or partly repay creditors. 

The Bankruptcy Court’s Rochester division spans nine counties—Monroe, Livingston, Ontario and Wayne counties, as well as Chemung, Seneca, Schuyler, Steuben and Yates counties.  
    
(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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