PROVIDENCE – Bankruptcy filings in Rhode Island totaled 81 in May, down 29% from the previous month’s 115, according to data from U.S. Bankruptcy Court.
Of all filings in May, 80 were consumer filings and one was a business filing. There were 70 Chapter 7 filings and 11 Chapter 13 filings in the month.
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There were 98 bankruptcy filings in May 2020.
Chapter 7 discharges qualifying debt. When it involves a business, the company likely 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 plan that allows unsecured creditors to recover part or all of what they are owed.
Filings totaled 466 year to date at the end of May, a decline from 653 at that time one year prior.
