PROVIDENCE – Rhode Island saw 102 bankruptcies in September, a decline from 143 in the same month a year earlier, according to recent U.S. Bankruptcy Court data.
Bankruptcies in the state totaled 105 in August.
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Of all bankruptcies, three were business filings and 99 were consumer filings. A majority of filings, 88, were Chapter 7 filings while 14 were Chapter 13 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 September, there had been 1,088 bankruptcies in Rhode Island in 2020, compared with 1,608 at that time one year prior.
