The increase in bankruptcies continues, month after month, without stopping. In May they increased again, this time reaching 500 cases, an increase of 32% when compared to the figures of a year ago.

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According to the Puerto Rico Gazette, in the first five months of 2024, 2,351 cases have been filed, which is 39% more than in 2023 for the same period.

Business bankruptcies have also risen, from January to May, and total 142. That figure is 23.5% higher than last year for the first five months.

All chapters of the federal Bankruptcy Law recorded increases. Chapter 7 -Liquidation- has 763 cases, an increase of 45%; and Chapter 11 -Corporate Reorganization- reported 24 cases, 20% more than a year ago.

Similarly, Chapter 12 - Agricultural Businesses - has nine bankruptcies, an increase of 350%; while Chapter 13 - Individual Reorganization - registered 1,555 cases, an increase of 36%.

The accumulated debt totals $307.41 million, which is 40.4% more than the debt figure in 2023 for the same period.

Restaurants continue to top the list of businesses with the most bankruptcies, with a total of 11.

Worryingly, doctors, who are becoming increasingly scarce in the country, are the second group with the second highest number of bankruptcy filings. In the first five months, there are seven bankruptcies of physicians. A similar number represent the bankruptcies of agricultural businesses.

In fact, the largest bankruptcy filed so far this year is that of a podiatrist. It is Melvin F. Mathews Bermúdez, who owes $5.81 million.

Next in order of debt amount are: Orengo Air Corp, an air conditioning contractor, with $5.3 million; Productos Cítricos de la Montaña with $4.6 million; Alpha One Security Solutions with $3.5 million; Carolina Bowling Center with $2.6 million; and Distribuidores Naranjito Import & Export with $2.4 million.

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This content was translated from Spanish to English using artificial intelligence and was reviewed by an editor before being published.