Puerto Rico bankruptcies at -6.3% in November

Written by  //  December 3, 2014  //  Economy  //  No comments

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Bankruptcy cases were lower year-over-year in November. (Credit: © Mauricio Pascual)

Bankruptcy cases were lower year-over-year in November. (Credit: © Mauricio Pascual)

Bankruptcy filings dropped by 6.3 percent in November, when a total of 771 cases were filed, in comparison to the same month last year, according to preliminary figures released by research firm Boletín de Puerto Rico on Tuesday.

The data shows that so far this year, people and corporations seeking protection from creditors have filed 9,877 cases in U.S. Bankruptcy Court. The cumulative total represents a 1.1 percent year-over-year drop, the report shows.

When broken down by categories, the November results conclude that three of the four types of filings showed decreases, with only one category remaining flat.

Chapter 7 filings, or those filed by individuals or corporations seeking total liquidation of assets, were down 9 percent in November, with 292 cases filed. So far this year, a total of 3,796 filings have been submitted in court, representing a 29 percent drop year-over-year.

Chapter 13 cases, or those that allow individuals to undergo a financial reorganization supervised by a federal bankruptcy court, were down 4.3 percent in November, when 464 cases were filed. During the first 11 months of the year, 5,875 people have sought the court’s protection, representing a 21 percent year-over-year drop.

Meanwhile, Chapter 11 filings — a type of legal protection available to businesses and individuals looking to reorganize their finances and start over — totaled 14 in November, remaining flat when compared to the same month in 2013. So far this year, 184 cases have been filed.

Finally, Chapter 12 filings, or those reserved exclusively for farmers and agricultural operations, were down 66.6 percent last month, when a single case was filed. Cumulatively, those types of cases are down 2 percent year-over-year.

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