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Bankruptcy filings plunge 23 percent

Rochester Business Journal
July 1, 2014

Area bankruptcy filings fell 23 percent last month, dropping to 125 from 163 new cases filed in the federal Western District of New York’s Rochester division in the same month last year.  

June bankruptcy filings in the nine-county region included 83 Chapter 7 petitions, 41 Chapter 13 filings and one Chapter 11.

Chapter 7 filers seek to liquidate assets to pay creditors amounts that can range from zero to 100 percent of what they are owed.

Chapter 13 filers make plans to pay creditors all or part of what they are owed in up to 60 monthly installments.

Chapter 11 filers are usually businesses asking for court protection while they attempt to restructure. They also make plans subject to creditors’ approval to partly or fully pay their debts.

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