Puerto Rico bankruptcy filings up 4% in September

Written by  //  October 3, 2013  //  Economy  //  No comments

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

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

The 874 bankruptcy cases filed in Puerto Rico in September were 4 percent higher than those on record for the same month last year, while the 8,144 petitions submitted to the U.S. Bankruptcy Court during the first nine months of this year were up by the same percent vs. the same year-ago period, a local research firm revealed Wednesday.

Data compiled by Boletín de Puerto Rico shows that the total petitions filed through September, represent 331 more cases versus those on record for January-September 2012.

When broken down, the majority of the cases filed in September, 534, were submitted under the Chapter 13 category, which gives individuals the chance to reorganize their finances. So far this year, 5,118 people have sought protection from the U.S Bankruptcy Court in Puerto Rico.

Coming in second are the 318 Chapter 7 cases, seeking total liquidation, submitted in September. For the first nine months of the year, 2,853 such filings have been submitted.

There are 20 Chapter 11 filings on record for September, and a total 158 so far this year, from businesses that are seeking to reorganize their finances through this type of protection.

Meanwhile, two farming operations filed for Chapter 12 protection last month, a category that is reserved exclusively for troubled agriculture businesses. A total of 15 such cases are on record for the first nine months of this year.

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