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Bankruptcy filings in Buffalo drop even further

New bankruptcy filings continued to fall in Buffalo and Rochester in November, dropping nearly 18 percent from a year earlier, according to court statistics.

For the month, 643 new bankruptcy cases were filed in the two cities, down 17.6 percent from 780 a year ago, according to the U.S. Bankruptcy Court for the Western District of New York, which covers both cities.

That included 429 in Buffalo, down 13.2 percent from 494, and 214 in Rochester, down 25.2 percent from 286. So far this year, new bankruptcy filings are down 9.1 percent, to 8,226, compared with the same period last year.

By type of filing, there were 443 Chapter 7 filings in the entire district in November, including 296 in Buffalo and 147 in Rochester. All but 17 of the filings were by individuals.

There were 198 Chapter 13 filings in November in the two cities, including 131 in Buffalo and 67 in Rochester. All but three were individuals. There were also two Chapter 11 filings, both in Buffalo.

Chapter 13 and Chapter 11 allow consumers and businesses, respectively, to reorganize debts under a repayment plan. Chapter 7 calls for liquidation of assets and a fresh start, and is used by both consumers and businesses.

By county, Erie had the bulk of the filings in the Buffalo court, with 275, followed by Niagara with 64. Chautauqua was third, with 39, followed by Cattaraugus with 17, Genesee with 11, Allegany and Orleans with 10 each and Wyoming with three. All but Orleans were down from a year ago.

e-mail: jepstein@buffnews.com

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