Connecticut sees spike in Chapter 7 bankruptcy protection filings

New York /
Oct.October 19, 2009 03:00 PM

Connecticut residents are filing for Chapter 7 bankruptcy protection at an alarming rate: up 51 percent in the first three quarters of 2009 compared to the same period last year. Chapter 7 allows individuals to eliminate most of their debt by using non-exempt assets to pay off creditors. A report released today by the Warren Group, which publishes the Commercial Record, said there were 6,289 Chapter 7 filings in Connecticut between January and September, which is the highest level for that nine-month period since 2005, when filings spiked just prior to the enactment of a federal law that requires those with incomes above the state’s median to file under a more onerous Chapter 13 repayment plan. Of those 6,289 filings, 2,275 occurred in the third quarter, 64 percent more than the 1,384 filings from the third quarter of 2008, though slightly lower than the number of second-quarter filings. Chapter 13 filings, meanwhile, fell to 888 in the first three quarters of 2009, from 1,407 over the same period last year, a 36.9 percent drop. In the meantime, some Greenwich residents have instead been frequenting appraisal sessions at the Hyatt Hotel, selling their jewelry in exchange for some extra cash. TRD


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(Tropicana Las  Vegas via Facebook, Bally's Corp)
Bally’s buys Las Vegas’ Tropicana casino for $150M
Bally’s buys Las Vegas’ Tropicana casino for $150M
Macerich president Edward Coppola and a rendering of the redevelopment in Pheonix (Macerich/City of Pheonix)
Macerich unloads Phoenix mall for $100M; redevelopment awaits
Macerich unloads Phoenix mall for $100M; redevelopment awaits
Hammerson CEO Rita-Rose Gagne and Brookfield's Bruce Flatt. (Hammerson, Brookfield, Getty)
Brookfield’s US malls are struggling. Now it’s buying some in Europe
Brookfield’s US malls are struggling. Now it’s buying some in Europe
Aby Rosen and the Gramercy Hotel (Getty, Google Maps)
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Solil Management sues to end RFR’s Gramercy Park Hotel lease
Judge Katherine Levine (Getty)
Gowanus rezoning may move forward as soon as Monday
Gowanus rezoning may move forward as soon as Monday
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...