PROVIDENCE – Bankruptcy filings in Rhode Island totaled 83 in January, a decline from 138 one year prior, according to the U.S. Bankruptcy Court.
Filings totaled 88 in December in the state.
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Of all filings in January, three were business filings while 80 were consumer filings.
There were 71 Chapter 7 filings and 12 Chapter 13 filings.
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.
