PROVIDENCE – Bankruptcies in Rhode Island totaled 106 in November, a decline from 134 one year prior, the U.S. Bankruptcy Court District of Rhode Island said on Tuesday.
Bankruptcies in the state totaled 132 in October.
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Learn MoreOf all the filings for the month, 95 were Chapter 7, 10 were Chapter 13 and one was Chapter 11.
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.
In November, 104 of the filings were consumer filings while two were business filings.
Year to date in November, filings in the state total 1,326, a decline from 1,894 at the same time one year prior.
Chris Bergenheim is PBN web editor. You may reach him at Bergenheim@PBN.com.