POSTED: 10:40 a.m. HST, Mar 1, 2012
LAST UPDATED: 3:17 p.m. HST, Mar 1, 2012
The number of bankruptcy cases filed by residents and businesses in Hawaii fell in February for the 11th month in a row, according to U.S. Bankruptcy Court statistics.
The 223 cases filed during the month was 23 percent fewer than the 288 filings in February 2010. Monthly filings have been dropping on a year-over-year basis since last April.
Chapter 7 liquidation filings fell to 168 last month from 230 in February 2011. There were 51 Chapter 13 petitions recorded last month, compared with 59 a year earlier. Chapter 13 petitions generally are for individuals planning to repay a portion or all of their debts.
In addition, there were 3 Chapter 11 reorganization filings last month and one case filed under Chapter 12, which is reserved for farmers and fishermen who operate family-run businesses.