The number of individuals and businesses filing for bankruptcy in Hawaii last year fell to the lowest level since 2008 amid an improving economy and declining consumer debt loads.

There were 2,528 bankruptcies filed in 2012, 24 percent fewer than the 3,325 cases that were filed in 2011, according to data released Thursday by U.S. Bankruptcy Court.

The number of cases filed last year was the lowest since 2008 when 2,077 cases were filed in the midst of the recession. Bankruptcy filings peaked at 3,954 in 2010.

"I’ve noticed a sharp decline in the number of people filing bankruptcy through my firm," said Michael Glenn, a Hono­lulu-based bankruptcy attorney who operates Low Cost Legal Services.

"It’s a good sign for the economy — one of the best signs that the recession is over," he said.

Glenn said he’s noticed that the average debt load of his clients has been declining but that many are being forced to file for bankruptcy because of a "triggering event," such as a wage garnishment.

"I used to see people who were $60,000, $70,000 and $80,000 in debt. Now they’re coming in with $10,000 to $20,000 in debt," he said.

December marked the 22nd consecutive monthly decline in Hawaii bankruptcy filings with cases dropping 24.3 percent to 159 from the same month a year earlier. Filings in Hono­lulu County fell by 28 percent to 95 cases. Filings declined by 43.5 percent to 26 cases in Maui County and by 33.3 percent to eight cases in Kauai County.

The drop in Hawaii bankruptcy filings has been accompanied by declining credit card debt. The most recent data from credit-scoring website Credit Karma showed that average credit card debt in Hawaii dropped to $6,451 in November, a 12.7 percent decline from the same month in 2011. Although Hawaii ranked second highest nationally in average credit card debt outstanding, residents also had the nation’s highest average credit score at 667. A high credit score indicates an ability to repay debt.

Strengthening job growth and a declining unemployment rate have contributed to Hawaii’s improving credit picture. The state Department of Labor and Industrial Relations reported last month that the number of nonagricultural jobs grew by 17,700 in November from the same month a year earlier. The jobless rate, meanwhile, fell to 5.3 percent, its lowest level in four years.

The steady decline in Hawaii bankruptcy filings follows a national trend. The American Bankruptcy Institute projected that bankruptcy filings nationally would fall in 2012 to their lowest level since 2008.

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