Hawaii bankruptcies have started leveling off after an uptick earlier this year.

The 140 filings statewide in September were down 2.1% from 143 in the year-earlier period, according to data released Tuesday from the U.S. Bankruptcy Court District of Hawaii. In August, the 141 filings matched the year-earlier total.

With just three months left in the year there have been 1,250 filings, up 10.8% from 1,128 at the same time a year ago. At the current pace of an average 139 a month, there would be 1,668 filings for the year. That would top the 2015 total of 1,569 and be the most since there were 1,702 in 2014.

“Bankruptcy filings are flat for the last few months as the economy is entering a slower but stable growth period,” Eugene Tian, chief economist for the state Department of Business, Economic Development and Tourism, said in an email. “During the past recession year (2009), Hawaii bankruptcy filings reached almost 4,000 cases (3,954 to be exact). The current filings are still far below that level. We don’t see the trend increasing or decreasing at this time. Our forecast for the economy is to be flat — about 1% growth.”

Bankruptcy filings had fallen seven years in a row before breaking that streak in 2018.

Tian said the recent bankruptcy data are consistent with other economic indicators.

Hawaii payroll job growth has slowed since 2018 with job gains up only 0.5% for 2018 and 0.4% for the first eight months of 2019. The average payroll jobs growth during the past 20 years was 1.1% (1998-2018), meaning the current job growth rate is less than half of the 20-year average.

In last month’s filings, Chapter 7 liquidation — the most common type of bankruptcy — dropped 11.2% to 95 from 107 in the year­-earlier period.

Chapter 13 filings, which allow individuals with regular sources of income to set up plans to make installment payments to creditors over three to five years, rose 25% to 45 from 36 in the year-earlier period.

There were no Chapter 11 filings either last month or the year-earlier period. Chapter 11 filings are primarily for business reorganizations.

Bankruptcies were mixed among the four major counties. Honolulu County filings fell to 101 from 109 and Hawaii County filings slipped to 11 from 14. Maui County filings rose to 23 from 16 and Kauai County bankruptcies ticked up to five from four.

SEEKING RELIEF

Bankruptcy filings in September fell from a year ago.

2019 / 2018 / PCT. CHANGE

Chapter 7 95 107 -11.2%

Liquidation

Chapter 11 0 0 0%

Business reorganization

Chapter 13 45 36 25%

Individuals with regular sources of income set up plans to pay creditors over time

Total 140 143 – 2.1%

Source: U.S. Bankruptcy Court, District of Hawaii