PROVIDENCE – Rhode Island bankruptcy filings totaled 70 in July, a decline from 101 the previous month and 128 a year ago, according to U.S. Bankruptcy Court District of Rhode Island data.
All of the bankruptcy filings last month were from consumers and not businesses.
Expanding Women’s Health in Newport
South County Health has expanded its award-winning Center for Women’s Health to Newport, offering a…
Learn More
Fifty-seven of the filings were Chapter 7 filings, and 13 were Chapter 13 filings.
Chapter 7 discharges qualifying debt, although when it involves a company it is likely that the entity 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.
For 2021, bankruptcy filings in Rhode Island totaled 638 at the end of July, a decline from 875 filings in the same period a year earlier.
