PROVIDENCE – There were 185 bankruptcy filings in Rhode Island in May, a 19.9% decline from one year prior, according to data from U.S. Bankruptcy Court.
There were 180 consumer bankruptcy filings in May and five business bankruptcies, compared with 223 consumer filings and eight business filings in May 2018. A majority of filings were Chapter 7 bankruptcy (143) while there were 42 Chapter 13 filings for the month. The court said that filings include re-openings.
Year to date through May, there was an average of 187 monthly bankruptcies filings in Rhode Island, based on a total of 936 filings. Total filings fell 7% and were made up of 29 business filings and 907 consumer filings.
Year to date through May 2018, there had been an average of 202 monthly bankruptcy filings in the Ocean State, based on 27 business filings and 979 consumer filings.
The peak of business bankruptcy filings since the beginning of the Great Recession occurred in 2008, when business bankruptcy filings peaked in 2012 at 173 filings, declining every year except in 2015.
Consumer filings peaked in 2010 at 5,348. Since then, total bankruptcy filings in the Ocean State have generally declined, except for a one-filing increase from 2016 to 2017 to 2,276.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.