Staff Report
Published Aug. 28, 2012

Fewer South Carolina individuals and businesses are seeking bankruptcy protection, according to the latest statistics from the U.S. Courts.

Total bankruptcy filings in South Carolina during the 12-month period ending June 30 were down 9.7% at 8,000, compared to the same time period a year ago.

That includes 371 business bankruptcies, down nearly 5%. The majority of business filings, 267, were Chapter 7 liquidations.

Most non-business bankruptcies in South Carolina are Chapter 13 filings in which debts are restructured and repaid.

Nationally, bankruptcy filings for the 12-month period ending June 30 were down 14% at 1.3 million:

• Chapter 7 filings, which constitute 70% of all filings, fell 16%;
• Chapter 13 filings, which account for 29% of all filings, fell 11%;
• Chapter 11 filings, which make up less than 1% of all filings, fell 14%.

During the period, 44,435 businesses filed for bankruptcy protection nationally, a decline of 14.8%.