The island's bankruptcy filings continued to drop in February, when 11 percent fewer cases were submitted to the court, versus the same month in 2011, according to preliminary numbers released Thursday by research company Boletín de Puerto Rico.

The number of bankruptcy petitions filed last month in Puerto Rico was 19 percent below the same month last year, Boletín de Puerto Rico revealed Friday. The preliminary numbers show that so far this year, the number of filings on record is 9 percent lower than those on record for the same 11-month period in 2010.

The island’s bankruptcy rate held on to its seventh consecutive monthly decline in October, when a total of 1,077 cases were submitted to the U.S. Bankruptcy Court. The figure represents 90 fewer filings and an 8.35 percent drop in comparison to the same month last year, research firm Boletín de Puerto Rico reported.

While the month of August saw a 4 percent drop in the number of bankruptcy cases filed, the U.S. Bankruptcy Court in Puerto Rico received a whopping 245 petitions during the last day of the month, local research firm Boletín de Puerto Rico reported Friday.