The pace of bankruptcy filings in Hawaii slowed again in February, extending a downward trend that began about a year ago.

The 224 cases filed during the month was 22 percent fewer than the 288 filings in February 2011. Filings have dropping on a year-over-year basis in every month since last April, save for a scant 0.3 percent increase in March.

Chapter 7 liquidation filings fell to 168 last month from 230 in February 2011. There were 52 Chapter 13 petitions recorded last month, compared with 58 a year earlier. Chapter 13 petitions generally are for individuals planning to repay a portion or all of their debts.

There also were three Chapter 11 cases filed by companies seeking to reorganize their finances. In addition, there was one Chapter 12 case filed by a Hawaii island livestock company last month. Chapter 12 is reserved for farmers and fishermen who operate family-run businesses.

Bankruptcy cases also are trending lower nationally as consumers continue to rein in their spending and reduce debt loads built up during the recent recession.

The number of Hawaii bankruptcy filings in the latest economic cycle topped out at an average of 330 a month in 2010. While the number of cases in February represented a significant improvement, filings are still running ahead of the pre-recession average of 115 cases a month in 2007.

Honolulu bankruptcy attorney Jean Christensen said she’s seen no slowdown in the number of cases coming through her door.

"It’s still a tough economy out there. There are still a lot of people who are unemployed or have had their employment reduced," she said. "That’s the biggest problem out there for people."

In addition, the volume of bankruptcy filings is traditionally higher earlier in the year because people use their tax refunds to hire a bankruptcy attorney, she said.

"They will get their tax refund early and so they have the money to pay an attorney $1,000 or $2,000 to file. It’s the only time of year they have that kind of money sitting around," she said.