Puerto Rico bankruptcies up 2.2% in July, vs. 2022
The number of new bankruptcies filed in Puerto Rico in June increased by 2.2%, with 325 cases, from the same month in 2022, which had 318 cases, according to the latest data released by Boletín de Puerto Rico, a publication on financial and legal matters that has a database with searchable bankruptcy records.
So far this year, a total of 2,376 petitions have been filed at the U.S. Bankruptcy Court, a 5.5% jump from the 2,253 cases on record for the January to July period in 2022.
When broken down by category, Chapter 13 filings, which allow individuals to propose a debt reorganization plan under the bankruptcy court’s protection, totaled 1,580 cases for January through July, up 11.9% from the 1,412 cases in the same months of 2022.
Chapter 7 petitions, which involve a total liquidation of assets for the petitioner, totaled 762 from January to July 2023. This is a decrease of 5.9% from the 810 cases in the same period last year.
As for Chapter 11 cases, which let businesses reorganize their finances under the court’s supervision, reached 31 in the current period, up 24% from the 25 cases from January to July 2022.
Three Chapter 12 filings, a category reserved for farmers and agricultural businesses, were reported. That is half of the six filed in the same period in 2022.
