R.I. bankruptcy filings decline in January

BANKRUPTCIES IN RHODE ISLAND totaled 83 in January. / PBN GRAPHIC/CHRIS BERGENHEIM
BANKRUPTCIES IN RHODE ISLAND totaled 83 in January. / PBN GRAPHIC/CHRIS BERGENHEIM

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.

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.

- Advertisement -

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.

No posts to display