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Area bankruptcy filings drop sharply in July

Rochester Business Journal
August 14, 2014

Rochester-area bankruptcy filings fell by nearly 27 percentage points in July.

The 141 new bankruptcy petitions filed in the Western District of New York’s Rochester division in July showed a 26.9 percent drop from 193 cases filed in the same month last year. The nine-county division takes in the counties of Monroe, Livingston, Ontario and Wayne, along with Chemung, Schuyler, Seneca, Steuben and Yates counties.  

In July, 103 Rochester-area residents filed Chapter 7 bankruptcy petitions and 38 filed Chapter 13 cases. None sought Chapter 11 protection.

Chapter 7 filers seek to discharge their debts by selling assets to create a fund to pay creditors amounts ranging from zero to 100 percent of what they are owed. Chapter 13 filers seek to partly or fully pay creditors off in monthly installments over spans as long as five years.

Chapter 11 petitioners are usually businesses seeking to reorganize under court supervision. Their repayment plans are subject to creditor and court approval.      
    
(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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