F. Other Indicators
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3rd Quarter 2008
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The total number of bankruptcy filings in Hawaii increased 25.3 percent for the first quarter of 2008 from the same quarter of 2007. For 2007, total filings increased 43.6 percent from 965 cases in 2006 to 1,386 cases in 2007. The 2007 total filings were still significantly below the 4,489 total filings in 2005. Between 1996 and 2005, total filings fluctuated between about 3,000 and 6,000 cases per year.
The number of Chapter 7 filings, the largest category, increased 20.7 percent or 56 cases from 270 cases in the first quarter of 2007 to 326 cases in the first quarter of 2008. Chapter 7 filings are intended to liquidate assets and discharge debt to provide the debtor with a fresh start. For 2007, Chapter 7 filings were up 38.3 percent or 307, following a decrease of 80.6 percent or 3,330 in 2006.
Chapter 11 filings decreased from 5 cases in the first quarter of 2007 to 3 cases in the first quarter of 2008. For 2007, Chapter 11 filings increased from 9 to 18. Chapter 11 filings involve the structuring of repayment plans for companies. Chapter 11 filings were down from 16 in 2005 to 9 in 2006.
In the first quarter of 2008, Chapter 13 filings increased 55.4 percent or 31 cases from 56 filings in the first quarter of 2007. In 2007, Chapter 13 filings were up 69.3 percent or 106 cases from 153 in 2006. Chapter 13 bankruptcy allows debtors to work out repayment arrangements with creditors. In 2006, Chapter 13 filings were down 55.1 percent or 188 cases from 2005.
For quarterly bankruptcy statistics, see: http://www.uscourts.gov/bnkrpctystats/statistics.htm.
