Mass. bankruptcies drop in 2012

By PBN Staff
Twitter: @ProvBusNews

BOSTON – Personal and business bankruptcy filings in Bristol County, Mass., fell 11.9 percent in 2012 when compared with 2011, according to The Warren Group. The decline was not quite as strong as the 18.4 percent drop recorded across the Bay State.

The bankruptcy report, published Monday, broke down the filings into the three major categories – Chapters 7, 11 and 13. Chapter 7 is designed for liquidation, while chapters 11 and 13 are designed for reorganization. Chapter 9 is a municipal reorganization process.

Bristol County, Mass., and statewide statistics for 2012 and 2011:

• Chapter 7, Bristol County: 2012 – 1,454; 2011 – 1,661

  Massachusetts: 2012 – 11,964; 2011 – 14,716

• Chapter 11, Bristol County: 2012 – 9; 2011 – 8

  Massachusetts: 2012 – 152; 2011 – 215

• Chapter 13, Bristol County: 2012 – 497; 2011 – 555

  Massachusetts: 2012 – 3,991; 2011 – 4,813

“The drop in bankruptcy filings is an encouraging sign,” said The Warren Group CEO Timothy M. Warren Jr. “If the housing market – and overall economy – continues to improve, we are sure to see even better results in 2013.”