BOSTON – Bankruptcy filings in Rhode Island fell during the third quarter compared with the second quarter, but Chapter 7 bankruptcies for the first three quarters of the year remain ahead of 2008’s pace.
The Warren Group reported Monday that Rhode Islanders filed 1,041 Chapter 7 bankruptcies during the third quarter, down from 1,148 during the second quarter. Still, year-to-date filings in 2009 number 2,977, well ahead of the 2,103 filed by the same point last year.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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Chapter 13 bankruptcies remained virtually unchanged during the third quarter, dropping to 190 from 195 in the second quarter. Year-to-date filings stood at 535, compared with 485 during the same time period last year.
Chapter 13 bankruptcies, unlike Chapter 7 bankruptcies, mandate a three- or five-year repayment plan.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at TheWarrenGroup.com.
