Bankruptcy Filings Plummet for New York Cities

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The number of bankruptcy filings in Buffalo and Rochester, New York fell by 20% year on year in August, marking the 15th straight month and 19th out of the last 20 months that bankruptcy figures fell. The number of new cases fell by 19.8% from 749 to 601, according to new figures from the US Bankruptcy Court for the Western District of New York, which includes courts in both Buffalo and Rochester.

Both cities recorded new 10-year lows in the number of bankruptcies in August year-on-year. Bankruptcy filings fell in Buffalo by 16.6% to 388 cases while in Rochester it dropped 25% to 213. From January 1 till August 31, there have been 3,165 new bankruptcy cases in Buffalo and 1,754 in Rochester bringing the total to 4,919 for the two cities. This number is lower than in the corresponding period last year when Buffalo recorded 3,957 cases and Rochester had 2,196 cases, totaling 6,153 bankruptcies.

The drop in the number of bankruptcies in these New York cities follows the trend nationwide. According to the American Bankruptcy Institute, the number of bankruptcies across the nation fell by 11% in August.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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