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Bankruptcy filings drop 14.2% in Rochester region

By WILL ASTOR - 11/4/2013 4:52:58 PM

After showing a 16.4 percent rise in September, area bankruptcies filings took a 14.2 percent dip in October.

Filings have fallen in six of this year’s first 10 months. Through October, the region’s bankruptcy filings are down 6.6 percent, dropping to 1,696 from 1,816 at the same point in 2012.

The 139 new cases filed in the federal Western District of New York’s Rochester division in October compare with 162 new filings a year ago.

In October, 99 Rochester-division bankruptcy petitioners filed Chapter 7 cases and 40 filed Chapter 13 cases. None filed Chapter 11s.

Chapter 7 debtors seek to liquidate assets to create a fund to pay creditors amounts ranging from zero to all of what they owe.  Chapter 11 and Chapter 13 debtors file plans proposing to pay creditors all or part of amounts owed.

Chapter 11 petitioners are usually businesses seeking to reorganize under court protection. 

Chapter 13 filers are most often consumer debtors proposing to pay debts in monthly installments over five years.

The courts’ Rochester division covers the counties of Monroe, Livingston, Ontario and Wayne along with Chemung, Schuyler, Seneca, Steuben and Yates.
    
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