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Bankruptcies down for first time this year
For the first time this year, the total number of bankruptcies filed in a given month with the U.S. Bankruptcy Court for the District of Puerto Rico has dropped compared to the corresponding month last year. In August, Puerto Rico bankruptcies dropped by 25%, from last year's 703 cases to 527, according to court records. As of the end of August, total bankruptcies for the year reached 5,889, or 28.5% more than the 4,581 cases filed during the same period last year.
According to Lizette Morales, president of the Puerto Rico Bankruptcy Bar Association, the decrease in bankruptcies is due to the change in bankruptcy …