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Bankruptcy filings continue to decline

Rochester Business Journal
June 2, 2014

Rochester-area bankruptcy filings last month continued a long-term decline.

Filings in the U.S. Courts’ Western District of New York Rochester division fell 15.1 percent in May, declining from 205 in the same month last year to 174. The nine-county Rochester division spans the counties of Monroe, Livingston, Ontario, Wayne, Seneca, Yates, Steuben, Schuyler and Chemung.

In May, 133 area bankruptcy petitioners filed Chapter 7 cases. Forty one filed Chapter 13 petitions. None asked for Chapter 11 protection from creditors.

Chapter 7 filers seek to discharge debts by liquidating assets to create a fund to pay their creditors some or all of what they are owed. Chapter 13 filers write plans to pay part or all of their debts in up to 60 monthly installments. 

Chapter 11 filers—usually businesses—also make plans to partly or fully pay creditors.
    
(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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