According to a report issued by the U.S. Bankruptcy Court, there were a total of 150 bankruptcy court cases filed in May 2014. This represented a 27.5 percent decrease as compared to the 207 cases filed during the same month a year prior. Blake Goodman, a bankruptcy attorney in Honolulu, commented, "This recovery that is in place has got some teeth to it, and it's especially being played out in Hawaii. The tourism numbers are very solid. The unemployment in Hawaii is among the lowest in the country (4.4 percent). You just have to look out any window on the town side and see 11 or so cranes in the area to see that the economy has been percolating. I've been doing this about 24 years in three different states, and I've never seen such a significant downturn in bankruptcy filings."
During there first five months of 2014, there have been 746 cases filed in Hawaii. This is a 20.6 percent decrease as compared to the 940 cases that were filed during the first five months of 2013.
Source: Honolulu Star Advertiser, 6-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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