While total bankruptcies have fallen over the past year in South Carolina, filings by businesses are up, opposite a national trend, according to data released Monday by the Administrative Office of the U.S. Courts.
Published Nov. 8, 2011
Total filings in South Carolina were down 12% at 8,406, from 9,559, as fewer individuals sought bankruptcy protection. Figures represent filings during a 12-month period ended Sept. 30, the U.S. Courts’ fiscal year.
Included in that figure is slight uptick in the number of South Carolina businesses filing for bankruptcy. Business filings increased 2.5% to 406, including 304 Chapter 7 filings and 75 Chapter 11 filings. Chapter 7 filings, which result in liquidation, dropped slightly in South Carolina, while Chapter 11 reorganizations increased.
Nationally, bankruptcies dropped 8% during the fiscal year. Business filings dropped 14.4% to 49,895 nationally. Chapter 11 business reorganizations registered the sharpest decrease among business filings nationally.