Rhode Island sees 99 bankruptcy filings in June

THERE WERE 99 bankruptcy filings in Rhode Island in June, four of which were business filings. / PBN GRAPHIC/CHRIS BERGENHEIM
THERE WERE 99 bankruptcy filings in Rhode Island in June, four of which were business filings. / PBN GRAPHIC/CHRIS BERGENHEIM

PROVIDENCE – There were 99 bankruptcies filed in Rhode Island in June, a decline from 153 in the same month a year ago, according to the most recent data from the U.S. Bankruptcy Court.

There were 98 bankruptcy filings in the state in May.

Chapter 7 bankruptcies accounted for 90 filings in the month while the remaining nine were Chapter 13 filings. There were four business bankruptcies in June and 95 consumer 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. 

- Advertisement -

By the end of June, bankruptcies in the state totaled 752 in 2020, compared with 1,088 at that time a year earlier.

Purchase NowWant to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.