PROVIDENCE – There were 132 bankruptcy filings in Rhode Island in October, a decline from 152 one year prior, according to the U.S. Bankruptcy Court District of Rhode Island.
Filings totaled 102 one month prior.
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Of all filings, 118 were Chapter 7 filings and 14 were Chapter 14 filings. A majority of filings, 130, were consumer filings and two 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.
By the end of October, there had been 1,220 bankruptcy filings in Rhode Island, a decline from 1,760 at that time one year prior.
