Bankruptcy filings in region down 17% from 2011

1/4/2013

Bankruptcy filings in northwest Ohio were 17 percent lower in 2012 than the year before.

There were 5,711 filings in the local U.S. Bankruptcy Court, which covers 21 counties in northwest Ohio. It was the third consecutive annual decline. The total was the lowest since 5,627 filed in 2007. The vast majority, 5,179, were Chapter 7 liquidation filings. That number was down 15 percent from 2011.

Chapter 13 filings, which let individuals reorganize and consolidate debts, accounted for 515 cases, down 30 percent. Chapter 11 filings, which are usually by businesses that want to reorganize, dropped from 24 to 11. Chapter 12 and 15 had three filings each. In December, the Toledo court handled 333 cases, a 21 percent decline from December, 2011. Bankruptcies have declined year-over-year for 27 of the past 28 months. The exception was February, 2012.