Economy

Puerto Rico bankruptcies at -9% year-over-year in June

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

Bankruptcy cases filed in Puerto Rico for the month of June were down 9 percent when compared to the same month last year, a preliminary tally from Boletín de Puerto Rico released Tuesday showed.

There were a total of 848 bankruptcy cases of all types filed at the U.S. Bankruptcy Court during the sixth month of the year, and 5,431 cases total for the year so far, the data shows. The cumulative year-to-date result remained flat vs. the same period last year.

When broken down by chapter, the data shows that personal bankruptcy cases, or Chapter 13, are down 11 percent, with 505 cases on file for the month.

Chapter 7 cases, or total liquidation, were also down during the month, with 322 filings — or 61 less than those on record for June 2012.

A total of 16 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 107 so far this year.

Sharply contrasting all of the decreases were Chapter 12 filings, or those only open to farmers, which were up 400 percent in June, with five cases filed, Boletín de Puerto Rico noted.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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