THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Monday, April 29, 1996 TAG: 9604270241
SECTION: BUSINESS WEEKLY PAGE: 03 EDITION: FINAL
SOURCE: BY JUANITA RAISOR, BUSINESS WEEKLY
LENGTH: Short : 31 lines
Bankruptcy filings have increased more than 13 percent this year in Hampton Roads.
In the first quarter, 2,671 bankruptcies were filed in Norfolk and Newport News federal bankruptcy courts, compared to about 2,300 individual bankruptcies in the same months last year, and 2,000 in the first quarter of 1994.
Of this year's cases, 1,663 were filed under Chapter 7 (individual liquidation), compared to 1,554 last year, and 1,479 in 1994.
``This is a high time for filings. It's a seasonal flux,'' said Virginia Beach lawyer Jacqueline Hoskins.
``People get past the holiday season and find they have a lot of bills.''
Many Chapter 7 filers, she said, ``are people who have a lot of medical bills and credit card debt. They try to catch up, but it's just not working.''
Business bankruptcies have totaled 85 this year through March compared to 77 last year and 91 in 1994.
The majority of businesses filing are small independent operations. by CNB