R.I. March bankruptcies decline Y/Y

RHODE ISLAND BANKRUPTCY filings totaled 108 in March, a rise from 80 in February, but remained lower than the number of filings one year prior. / PBN GRAPHIC/CHRIS BERGENHEIM

PROVIDENCE – There were 108 bankruptcy filings in Rhode Island in March, a decline from 186 one year prior, but up from 80 in February, according to data from the U.S. Bankruptcy Court District of Rhode Island.

Of all filings in March, 98 were consumer filings, nine were business filings and one was not categorized in the court report.

There were 96 Chapter 7 filings and 12 were 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.

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