Decline in personal bankruptcy filings slows
4 percent decrease deviates from double-digit drop since recession
Bankruptcy filings in July were down from the month prior, though up slightly from last year.
There were 141 individuals and businesses that filed in July — 13 less than in June and a dozen more than in July 2016, though, keep in mind, July 2016 bankruptcy filings were at a 25-year low.
In 2016, personal bankruptcy filings year-to-date decreased by 9 percent, ending a five-year trend of a double-digit decline in filings since the end of the recession. At the height of the recession, bankruptcy filings were close to 500.
In 2017, there have been just seven fewer filings a month, year-to-date, or less than a 5 percent decrease.
The other good news: only four bankruptcies were business related (same as last month) and three were from individuals who filed due to business related debt. That leaves only one business that filed for bankruptcy and that was on the first day of the month: Worry Free Property Management Inc. of Laconia, which filed for Chapter 7 bankruptcy. The firm reported assets of $74,749 and liabilities of $271,346.