Wednesday, June 30, 2010

Bankruptcy filings surge in May

A surge in personal bankruptcy cases led to a 7 percent increase in overall filings in May in South Central Texas.
The U.S. Bankruptcy Court for the Western District of Texas in San Antonio reported 485 filings in May, compared with 452 petitions filed in May 2009. In April, 433 cases were filed.

It's the most filings since October, when 501 cases were recorded.

Chapter 13 cases, generally for individuals planning to repay part or all of their debts, jumped 22 percent to 288 in May from 236 a year earlier.

Only two Chapter 11 cases were filed last month, down from 15 in May 2009. Chapter 11 is generally for companies seeking to reorganize.

The number of Chapter 7 liquidation cases dipped to 194 last month from 198 in the previous year. The stats don't detail the number of individual and business filings under Chapter 7.

The bankruptcy court's San Antonio division includes 21 counties that extend west to Terrell and south to Dimmit. For further information, visit your Local Texas Bankruptcy Attorney.

http://www.mysanantonio.com/business/local/bankruptcy_filings_rose_in_may_96839279.html

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