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PR bankruptcy filings up 6% in 2013

Chapter 7 (liquidation) filings were up 8 percent. Chapter 13 (repayment plan for individuals) filings rose 6 percent. Chapter 11 (reorganization) filings climbed 5 percent.

There were a total of 23 Chapter 12 (reorganization for farmers) cases filed in 2013, a 34 percent decrease from 2012.

There was a flurry of bankruptcy filings to end 2013, with 1,044 cases lodged in December, a 26 percent increase over the same month in 2012.

The commercial bankruptcies in December included three long-established restaurant chains – Margarita’s, Tierra del Fuego and Fueguitos – owned by entrepreneur Julio Méndez, who sought Chapter 11 protection on debts topping $13 million for his Fraterfood.

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