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Hawaii bankruptcy filings were unchanged in October from the year-earlier period following an upward trend that had seen the number of cases rise in seven of the previous nine months.
There were 135 filings last month to bring the number of cases year to date to 1,263, just 89 shy of the entire total for all of 2017, according to data released Thursday by the U.S. Bankruptcy Court, District of Hawaii. Barring a slowdown, the number of cases in 2018 will end the state’s streak of seven straight years of declines.
Some bankruptcy attorneys have blamed the uptick on consumers overextending themselves in a growing economy.
In October there were 90 Chapter 7 liquidation filings, up 7.1 percent from 84 filings a year ago. Chapter 7 is the most common type of bankruptcy.
SEEKING RELIEF
Bankruptcy filings were unchanged in October from a year ago.
2018 | 2017 | Percent change
Chapter 7 | 90 | 84 | 7.1%
Liquidation
Chapter | 11 | 0 | 2 | —
Business reorganization
Chapter 13 | 45 | 49 | -8.2%
Individuals with regular sources of income set up plans to pay creditors over time.
Total | 135 | 135 | 0%
Source: U.S. Bankruptcy Court, District of Hawaii
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, fell 8.2 percent to 45 from 49.
There were no Chapter 11 cases last month compared with two in the year-earlier period, which included the one filed by Island Air. Chapter 11 filings typically involve business reorganization.
Bankruptcy filings were mixed in Hawaii’s four main counties.
Honolulu County filings was unchanged at 96, Hawaii County filings edged up to 13 from 12, Kauai County filings ticked up to four from three and Maui County filings dipped to 22 from 24.
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