By Mike StetzerOctober 08, 2010
While most of the country is seeing a rise in the number of people filing for bankruptcy, the Rochester, New York-area has experienced a decline in numbers for the ninth month in a row.
According to the Rochester Business Journal, statistics from the Western District of New York Bankruptcy Court Clerk show that there were 259 bankruptcy filings this past September, compared to 286 during the same month last year. These numbers represent a 9.4 percent drop.
American Bankruptcy Institute executive director Samuel Gerdano said that the number of bankruptcies through August of this year were the highest since 2005 and that America is on pace to see 1.6 million bankruptcies this year.
The Rochester-area saw 181 instances of people filing Chapter 7 bankruptcy, which liquidates assets under court supervision to pay off creditors and leaves the filer absolved of debt. The region also saw 78 people file Chapter 13 bankruptcy, which establishes a schedule for creditors to be paid over time.
Monroe, Wayne, Ontario, Livingston, Seneca, Yates, Steuben, Schuyler and Chemung counties are included in the Rochester area.