Hawaii bankruptcies fall in 2011 for first time in five years

The number of bankruptcy cases filed in Hawaii fell in 2011 for the first time in five years, according to data compiled by U.S. Bankruptcy Court.

There were 3,325 cases filed during the year, down 15.9 percent from the 3,954 filings in 2010. The decline followed double-digit increases from 2007 through 2010. However, the number of filings in 2011 was still relatively high compared with the annual average of 3,260 cases over the past decade.

The number of cases fell steadily in 2011, finishing the year with a 31.1 percent decline in December compared with the same month a year earlier.

There were 2,562 Chapter 7 asset liquidations in 2011 accounting for 77 percent of all Hawaii bankruptcies for the year.

More than half of the cases, 1,985, were filed in Honolulu County. There were 683 cases filed in Maui County, 438 in Hawaii County and 209 in Kauai County.

Hawaii’s larger bankruptcies in 2011 included Hawaii Medical Center, Unity House Inc., and M Waikiki LLC.