Hawaii Bankruptcy Filings Flat for the Month of May
Bankruptcy filings throughout the state of Hawaii were virtually flat during May 2011, although there was a spike in Chapter 13 filings. Total filings decreased slightly from 336 in May 2010 to 334 this year, marking the fourth time in five months that filings decreased from the same month one year ago, according to recent data from the U.S. Bankruptcy Court in the state and reported by Erika Engle on www.staradvertiser.com, .
For the year, the 1,567 cases filed represent a 5.1% decrease over the 1,651 filings through May of a year earlier.
No Chapter 11 bankruptcies were filed by Hawaii businesses in May, although two businesses, B.J. Genz Plumbing LLC and Vision Communications Inc., filed for Chapter 7 liquidation.
While the number of Chapter 7 cases decreased by 10.4% this May from the same month one year ago, the number of Chapter 13 filings rose a significant 40.9%, to 93 cases from 66 for the same period. One reason, opined a local bankruptcy attorney, could be the number of homeowners attempting to save their homes from foreclosure under the federal Home Affordable Modification Program .
If you have been thinking about filing Chapter 7 or Chapter 13 personal bankruptcy due to a negative equity mortgage or overwhelming debt, contact the lawyers at Legal Helpers. We are experienced and knowledgeable in the field of all aspects of personal bankruptcy protection. Call us toll-free at 800-260-1402 today for your initial free consultation
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