PROVIDENCE – There were 134 bankruptcy filings in Rhode Island in November, a 15.2% decline from November 2018, according to the U.S. Bankruptcy Court.
A majority of filings were Chapter 7 bankruptcies, totaling 104 for the month. There was also 29 Chapter 13 filings and one Chapter 11 filing. Three of all filings in November were business filings.
Chapter 7 discharges qualifying debt, although when it involves a company it is likely that it will be liquidated as part of the process. Chapter 7 is the most common form of bankruptcy in the country. Chapter 13 involves repayment of debts, often by establishing a repayment plan that allows unsecured creditors to recover part or all of what they are owed. Chapter 11 filings allow for a reorganization of the filer, which continues operations, emerging from court protection only when a plan that satisfies creditors is in place.
Providence County accounted for the most filings for the month at 74, followed by 36 in Kent County, 11 in Washington County, six filings each in Bristol County and Newport County and three in “non-Rhode Island” counties, but filed in the Rhode Island District.
Year to date through November, there were 1,895 filings in Rhode Island, a 7% decline year from filings year to date in November 2018.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
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