While overall bankruptcy filings in Hawaii dropped last month, Chapter 7 bankruptcy filings alone experienced a 4 percent decline across the state.  There were a total of 288 filings, representing a 1 percent decrease from 2010.

However, Chapter 13 bankruptcy filings, which allow homeowners to potentially avoid foreclosures, rose 14 percent.  This type of bankruptcy filing is generally reserved for personal bankruptcies where debtors can create a repayment plan that lasts between three and five years.

According to Ry Barbin, a bankruptcy attorney, the federal government's attempt to reduce foreclosures across the country "hasn't worked out...and this comes from a person who supports (President Barack) Obama."  She went on to add that as long as the country is plagued by foreclosures there is no likelihood that the country will escape from its current low point.

Are you considering bankruptcy for your home or business? If so, now is the time to contact our legal team and speak with a South Texas bankruptcy lawyer.