Reversing what may have been a one-time anomaly in January, area bankruptcy filings resumed a downward creep last month.
The 148 bankruptcy petitions residents and businesses filed in the federal courts’ Rochester division in February were down 19 percent from 183 new filings in the same month last year. A 17.8 percent increase in filings last month was the first time the area’s new bankruptcies had not fallen in more than a year.
The Western District of New York’s Rochester division covers nine counties: Monroe, Ontario, Wayne, Livingston, Seneca, Yates, Schuyler, Steuben and Chemung.
Bankruptcy filings in the division last month included 87 Chapter 7 petitions, 61 Chapter 13 filings and no Chapter 11s. Chapter 7 filers seek to liquidate assets to partly or fully pay creditors. Chapter 13 and Chapter 11 filers make plans proposing to pay part or all of what they owe without liquidating.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail email@example.com.