News

Fewer people filing for bankruptcy

Posted: May 25, 2011

Excerpts from the Buffalo News

Bankruptcies in Western New York continued to fall in April for the 11th straight month, driven, in part, by a slowdown in mortgage foreclosures and less credit available for borrowers to get into trouble.

New filings in Buffalo and Rochester fell 15.8 percent from April 2010 to 740, with drops recorded in both markets, according to figures from the U. S. Bankruptcy Court for the Western District of New York. The district includes 17 counties.

Specifically, filings fell 7.5 percent to 494 in Buffalo and 28.7 percent to 246 in Rochester.

Through April, new filings in 2011 fell 13.5 percent in Buffalo, to 1,619, and 16.5 percent in Rochester, to 889.

“Bankruptcy is a safety valve. If bankruptcies aren’t being filed, consumers are having fewer problems, and it’s a good thing for Western New York,” said Buffalo bankruptcy attorney Jeffrey M. Freedman. “It means more people have their houses in order and they’re not getting into trouble as much.”

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