There are a lot of different reasons why an individual or business will seek bankruptcy protection. While debt is obviously the basis of a bankruptcy filing, there are a lot of different factors that may have contributed or caused the debt.
Where businesses are concerned, it might be a shift in the economy that drives down consumer purchasing. Maybe it was new technology that made an older product obsolete. Maybe it was a breach of contract by a third party or a civil suit filed by an ex-employee. Whatever the source of the debt, a bankruptcy attorney can help find the right solution.
In February, fewer businesses or individuals filing on the basis of business debt sought bankruptcy protection. There were a total of 15 business-related filings in New Hampshire this past month. These filings involved businesses ranging from hunting clubs and pig sanctuaries to construction companies and handyman shops to hair studios and clothing boutiques.
In total, there were 197 bankruptcy filings in February. These included personal bankruptcies, business bankruptcies and individuals filing in relation to business debt. This total number is the lowest that it has been for the past decade. In fact, the number of filings in the state had remained above 200 per month since October 2006.
In January, there were approximately 209 filings. In February of the year prior, the total number of bankruptcy filings was 18 percent higher than it was this year. The New Hampshire Business Review didn’t speculate as to why the number of filings has decreased, and neither will this blog. We will simply say that legal assistance is out there for those who may still need it.
Source: New Hampshire Business Review, “15 N.H. business file for February bankruptcy,” Bob Sanders, March 3, 2014