While bankruptcies have been on increase nationally, Rochester-area bankruptcy filings have been declining during the last month and for the year to date.
Rochester region filings were down 21.4 percent in October and down 8.7 percent for the year, statistics released by the Western District of New York Bankruptcy Court clerk show.
The October total of 254 bankruptcy petitions filed in the Western District’s nine-county Rochester region was lower than 323 filings in October 2009, which totaled 323 a year ago. Filings in the first ten months totaled 2,708 locally versus 2,965 during the same period in 2009.
The October filings consisted of 173 Chapter 7 Bankruptcy petitions and 81 Chapter 13 Bankruptcies. In Chapter 7 Bankruptcy, often referred to as “liquidation bankruptcy”, debtors, subject to available exemptions, may have to liquidate assets to pay creditors part or all of what they owe. In Chapter 13 Bankruptcy, otherwise referred to as a “repayment plan”, the debtors submit a proposed repayment plan to pay creditors part or all of what they owe over time without liquidating assets.
The Western District’s Rochester region encompasses the counties of Monroe, Ontario, Wayne, Livingston, Seneca, Yates, Steuben, Schuyler, and Chemung.
If you are contemplating filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, or are dealing with debt problems in Western New York, including Rochester, New York, Canandaigua, Brighton, Pittsford, Penfield, Perinton, Fairport, Webster, Victor, Farmington, Greece, Gates, Hilton, Parma, Brockport, Spencerport, LeRoy, Chili, Churchville, Monroe County, Ontario County, Wayne County, Orleans County, Livingston County, and being harassed by bill collectors, and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation with a Rochester, NY, bankruptcy lawyer.