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Rochester-area bankruptcy filings dip in August

Rochester Business Journal
September 2, 2014

Rochester-area bankruptcy filings fell slightly last month, showing a 1.4 percent drop.

The 140 new bankruptcy petitions filed in the federal Western District of New York’s Rochester division in August compare with 142 cases filed in August last year.

The U.S. Court System’s Rochester division includes the counties of Monroe, Livingston, Ontario, Wayne, Seneca, Steuben, Schuyler and Chemung. 

Continuing a long-term trend of generally declining bankruptcies, area filings this year through August saw a 17.8 percent drop. The 1,152 cases filed in the first seven months reflected a 249-case decline from the 1,401 cases filed in the region through August in 2013.

In August, 102 Rochester-area petitioners filed Chapter 7 cases, 37 filed Chapter 13 cases and one filer asked for Chapter 11 protection.

Chapter 7 petitioners seek to liquidate assets to create fund to pay creditors amounts that can range from zero to 100 percent of amounts owed.

Chapter 13 filers do not liquidate but make plans to pay creditors part or all of what they are owed in monthly installments over as long as five years.

Chapter 11 debtors—usually businesses asking for court protection while they mount restructuring efforts—ask creditors to approve plans for fully or partly paying debts. 
    
(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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