Bankruptcies down 15% in June

U.S. Bankruptcy Court in Old San Juan (Credit: © Mauricio Pascual)

Island bankruptcy cases for the month of June were down 15 percent, with personal cases filing the most significant drop, a preliminary tally from Boletín de Puerto Rico released Friday showed.

There were a total of 950 bankruptcy cases of all types filed at the U.S. Bankruptcy Court during the sixth month of the year, and 5,659 cases total for the year so far, the data shows. The cumulative result is also 5 percent lower, year-over-year.

When broken down chapter by chapter, the data shows that personal bankruptcy cases, or Chapter 13, are down 23 percent, with 559 cases on file for the month.

Chapter 7 cases, or total liquidation, were up slightly during the month, with 371 filed — or six more than those on record for June 2010.

A total of 11 Chapter 11 cases — or those allowing the debtor to work through their financial situation while still managing their business — were filed in June, pushing the total to 98 so far this year.

Chapter 12, or those only open to farmers, were up 25 percent in June, with five cases filed.

Comment here