Rochester county sees bankruptcy decline
Rochester, New York, released new reports today, saying the county saw bankruptcy filings fall in October, part of an overall yearly decline.
Rochester, New York, released new reports today, saying the county saw bankruptcy filings fall in October, part of an overall yearly decline.
The total number of bankruptcies for the month of October dropped to 254, compared to 323 in 2009 - a 21 percent decline. Filings for the first ten months of the year were also down over last year's figures.
The majority of 2,708 filings were personal filings, according to The Rochester Business Journal. The counties had 173 Chapter 7s, 81 Chapter 13s and no Chapter 11 filings. Last year at this time, Rochester had reported 2,965 bankruptcies.
Bankruptcy Court Judge John Ninfo commented on the trend, saying he believed a stable real estate market and a low unemployment rate as factors keeping the local rate low, the news source says. Ninfo also credits the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which made personal filings more difficult.
The report follows a string of local bankruptcy reports. Earlier today, Hawaii announced that its year-over-year filings fell to yearly lows.
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