Hawaii sees bankruptcy decline
The number of residents filing for bankruptcy in the Aloha state fell below 300 in October.
The number of residents filing for bankruptcy in the Aloha state fell below 300 in October.
The 297 filings for the last month were the fewest since February, and the overall 8.4 percent increase was the lowest since October 2009. Most of the filings were Chapter 7 or 13 bankruptcies.
Despite the drop in activity, most local bankruptcy attorneys say their business is still booming, as many clients are behind mortgage payments or suffering from foreclosure, according to the Honolulu Star-Advertiser.
"I don't see the numbers on an annual basis coming down significantly. We're only seeing the tip of the iceberg," Honolulu-based bankruptcy attorney Ed Magauran told the Star-Advertiser. "There are a significant number of people that come to me that have already tried some kind of debt workout or modification. They're in deep financial trouble."
Of the bankruptcy filings in October, 223 were been Chapter 7 liquidations, the news source says. Chapter 13 cases accounted for 72 of the bankruptcies, while there were only two Chapter 11 filings for the month.
Oahu led the islands in bankruptcy filings with 177.
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