Those in Chapter 13 maintain the majority.
The total number of bankruptcies filed in Puerto Rico during the month of April registered a sharp increase of 61.7% compared to those filed on the same date last year, which is also the month with the highest number of cases so far in this 2023-2024 fiscal year.
According to data from the U.S. Bankruptcy Court in Puerto Rico, a total of 524 bankruptcies were filed last April, which is 200 more than the 324 filed in 2023.
Related story: The year 2023 ended with an increase in bankruptcies in Puerto Rico
The distribution of cases continued this month, most of them in Chapter 13 of the Bankruptcy Code, which is the settlement of individual or personal debts. In April, 346 of them were submitted, an increase of 51.8% compared to 228 in the same month of 2023.
This was followed by that corresponding to Chapter Seven, which is the total liquidation of a business or company, which totaled 168, resulting in a relative increase of 78.7%, compared to 94 last year.
These two groups represent more than 98% of all bankruptcies filed in Puerto Rico since six cases were filed in Chapter 11, while only four cases were filed in Chapter 12.
Related story: Bankruptcies increased by 43%
The cumulative total in these ten months of the fiscal year that has already passed (July-April) amounts to 4,234 bankruptcies, a figure also higher than the same period of the last fiscal year 2022-2023.
The increase amounts to 1,045 cases, equivalent to an increase of 32.8%, compared to the 3,189 cases filed in the corresponding period.
On the other hand, bankruptcy cases filed during the first four months of the calendar year (January – April) amounted to 1,851 cases, exceeding by 537 those filed last year, which totaled 1,314 cases.
Either way, the majority of these filings are Chapter 13 compliant. These cases have already reached 2,854 in the 10 months of the fiscal period, an increase of 34.1% compared to 2023.
Regarding the first four months of the calendar year 2024, the total reaches 1,227, i.e. an increase of 329 over the previous period of 898, i.e. an increase of 36.6%.
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