There were a total of 276 bankruptcy filings in Puerto Rico during the month of November. Of these, 106 were chapter 7, 169 were chapter 13, and 1 was chapter 11. Compared to 2020, chapter 7 filings were down by 23.7%, chapter 13 filings were down by 7%, and chapter 11 filings were down by 50%.
Filings for the year to date have reached a total of 3,567. Compared to the year-to-date total in 2020, filings have gone down by 1,098, or 23.5%. When compared to 2019, filings have gone down even further. By November 2019, there had been 7,672 bankruptcy filings. This means that the year-to-date total in 2021 is 53.5% lower than in 2019.
Bankruptcy filings have gone down drastically since the beginning of the COVID-19 pandemic, not just in Puerto Rico, but throughout the United States. At first, the decline in filings was due to court delays, but in recent months, moratoriums on rent and the large amount of government aid for firms have led to fewer filings.
The business category with the most bankruptcy filings in 2021 has been restaurants, with 15 filings, followed by lawyers, with 8. Compared to previous years, one of the top categories, doctor’s offices, have dropped to 0.