245 bankruptcy cases filed on last day of August
While the month of August saw a 4 percent drop in the number of bankruptcy cases filed, the U.S. Bankruptcy Court in Puerto Rico received a whopping 245 petitions during the last day of the month, local research firm Boletín de Puerto Rico reported Friday.
The explanation for the last-minute avalanche was not clear Friday.
Still the research firm’s tally showed a total of 1,029 cases filed last month, representing 37 cases less than those on record for the same month in 2010.
Chapter 13, or personal bankruptcy cases, outpaced all filings, at 674 cases for the month. Trailing were Chapter 7, or liquidation cases, at 361. Chapter 11 cases, or those that enable businesses to continue operating under the court’s supervision, totaled 19 for the month, while only two farming operations filed for Chapter 12 protection, which is dedicated to that type of business.
During the first eight months of the year, there have been 7,550 bankruptcy cases filed, representing a 7 percent drop from last year’s cumulative total through August. The number reflects a drop of 505 cases on record so far in 2011.