Area bankruptcy filings were down 5.3 percent in July and down 12.9 percent so far this year. Those drops continue a more than yearlong trend of declining bankruptcy filings.
The 178 bankruptcy cases filed in the Western District of New York’s Rochester division last month compare to 189 cases filed in the region in the same month last year. The 1,241 cases filed locally through July fell from 1,539 filed in the region last year.
The area’s July filings included 126 Chapter 7 cases, 50 Chapter 13 filings and two Chapter 11s.
Chapter 7 filers seek to liquidate assets to pay off creditors. Chapter 13 and Chapter 11 petitioners propose plans to partly or fully pay creditors over time.
The federal courts’ nine county Rochester division covers Monroe, Livingston, Wayne, Ontario, Seneca, Steuben, Yates, Schuyler and Chemung counties.
(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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