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Hawaii bankruptcies ended a four-month string of increases as the number of filings in July fell from the year-earlier period.
The 103 cases last month were down 7.2 percent from 111 in July 2017, according to data released Wednesday by the U.S. Bankruptcy Court, District of Hawaii. Despite the decrease, bankruptcy filings through the first seven months of this year are on pace to finish ahead of 2017 and end the state’s streak of seven straight years of declines.
In July there were 72 Chapter 7 liquidation filings, which was one less than a year ago. Chapter 7 is the most common type of bankruptcy.
Chapter 13 filings, which allow individuals with regular sources of income to set up plans to make installment payments to creditors over three to five years, declined 18.4 percent to 31 from 38.
There were no Chapter 11 cases last month or in the year-earlier period. Chapter 11 filings typically involve business reorganization.
Bankruptcy filings were mixed among the four major counties. Honolulu County filings decreased to 72 from 83, and Hawaii County filings plunged to four from 11. Maui County filings rose to 20 from 14 while Kauai County filings more than doubled to seven from three.
SEEKING RELIEF
Bankruptcy filings in July fell from a year ago.
2018 2017 PCT. CHANGE
Chapter 7 72 73 -1.4%
Liquidation
Chapter 11 0 0 0%
Business reorganization
Chapter 13 31 38 -18.4%
Individuals with regular sources of income set up plans to pay creditors over time
Total 103 111 -7.2%
Source: U.S. Bankruptcy Court, District of Hawaii