Statistics by the United States Bankruptcy Court for the District of Hawaii covering February 2011 filings have been released, showing an overall 22.2% decrease in the overall number of filings from the same month last year. At 224 bankruptcies filed in February 2012, we are trending back to the levels previously seen in 2009, which still well exceed filings during 2006-2008. Chapter 7 bankruptcies in all islands decreased by 27.4% over February 2011, and Chapter 13 bankruptcies decreased by 8.6% over February 2011.
A breakdown by county shows that Oahu bankruptcy consistently accounts for nearly 60% of all bankruptcies filed in the State of Hawaii, followed by Maui County, Hawaii County, and Kauai County in order of volume.
The number of bankruptcies filed during any given month is influenced by many factors, including the overall health and direction of the economy, availability of funds to retain a bankruptcy attorney and to pay filing fees, tax refunds, holidays, and whether foreclosures are being processed by lenders on defaulted properties.