Rochester-area bankruptcy filings fell in August, showing a 16 percent drop from the same month last year.
In August, 179 petitioners sought bankruptcy petition in the Western District of New York’s nine-county Rochester region, 34 fewer than the 213 petitions filed last year. The federal courts’ Rochester division covers nine counties—Monroe, Ontario, Livingston, Wayne, Seneca, Yates, Steuben, Schuyler and Chemung.
The local decline in filings continues a trend that began in 2010 and solidified in 2011. Area bankruptcy filings so far this year show a 13.2 percent drop from 1,752 in the first eight months of 2011 to 1,520 as of Aug. 31.
Last month, 121 bankruptcy petitioners sought Chapter 7 protection, 55 filed Chapter 13 petitions and three businesses filed Chapter 11 cases in the Rochester division. Chapter 7 petitioners seek to liquidate assets to pay creditors. Chapter 13 and Chapter 11 filers make plans to pay debts over time.
Filers in all chapters whose petitions succeed can shrug off past debt by paying amounts ranging from zero to 100 percent of what they owe.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.