Published Aug. 28, 2012
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%.
Bankruptcies in S.C.
Figures compare filings made during the 12-period ended June 30 to the same time period the year before.
SOURCE: U.S. Courts