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Region's bankruptcy filings continue to decline

Rochester Business Journal
November 2, 2012

Rochester-area bankruptcy filings last month continued a more than yearlong decline.

Filings in the federal court’s nine-county Rochester division dropped 5.3 percent in October, falling to 162 from 171 a year ago.

Year-to-date filings were down 13.7 percent, falling to 1,816 from 2,105 in the first 10 months of 2011. The court’s Rochester region includes the counties of Monroe, Ontario, Livingston, Wayne, Seneca, Yates, Steuben, Schuyler and Chemung.

In October, 111 area bankruptcy petitioners filed Chapter 7 cases and 51 filed Chapter 13s. There were no Chapter 11 cases filed.

Chapter 7 filers sell assets to create a fund to pay creditors some or all of what they are owed. Chapter 13 filers, usually consumers, and Chapter 11 filers, which are most often businesses, make plans subject to creditor and court approval to pay some or all of their debts over time.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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