Western New York bankruptcies see October decline
Bankruptcy filings in Western New York fell 20 percent in October as the region, like many others across the country, continues to battle with the ramifications of the current economic downturn.
Bankruptcy filings in Western New York fell 20 percent in October as the region, like many others across the country, continues to battle with the ramifications of the current economic downturn.
Filings in the region fell faster than the national average for the month, which was 2.8 percent at an annualized rate.
In addition, the region is also seeing a decrease in unemployment compared to the rest of the country, Buffalo News reports. Western New York experienced a 7.5 percent bankruptcy rate, by comparison, the national October figures held steady at 9.6 percent.
The area saw 722 new cases filed, most of which were personal bankruptcies and made in Buffalo and Rochester courts, the news source says. Chapter 7s accounted for 470 of the cases, while Chapter 13s accounted for 241.
The area courts reported only 11 Chapter 11 filings, a kind reserved for businesses seeking reorganization, during this time. Overall, the number of bankruptcies is the lowest monthly total for the region in over a decade.
Recently, in one of the regions largest cities, Buffalo administrators had been considering bankruptcy for its public schools.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!