Area bankruptcy cases drop in June; down 21% from ’12

7/2/2013

After rising slightly in May, bankruptcy filings in U.S. Bankruptcy Court in Toledo declined 21 percent in June from the same month a year ago.

According to statistics released Monday, there were 412 filings in the 21-county northwest Ohio territory covered by the Toledo court, compared to 521 in June, 2012. In May, 532 cases were filed.

For the first half of the year, bankruptcy cases have decreased in four months and risen in two months.

Through June 30, bankruptcy filings reached 2,774 cases, a drop of 10 percent compared to the same period in 2012. Filings this year are on pace to end up nearly 3 percent below 2012’s total of 5,711 cases filed. The largest number of cases filed was in 2005 when 16,883 petitioners sought bankruptcy protection.

Thus far in 2013, 2,537 Chapter 7 liquidation cases were filed, a decrease of 9 percent from last year. There have been 225 Chapter 13 repayment plan cases filed, a decrease of 24 percent from last year.

Also, just seven Chapter 11 reorganization cases have been filed, compared to four cases filed in the first half of 2012. Five Chapter 12 family-farm bankruptcy cases have been filed thus far in 2013 and no Chapter 15 foreign-debtor cases. In 2012 there were two Chapter 12 cases and three Chapter 15 cases filed through June 30.