News

Officials fear wave of bankruptcies in Maine

Officials fear wave of bankruptcies in Maine

Photo: clipart.com


AUGUSTA, Maine (AP) Maine bankruptcies have bee been down since the start of the coronavirus pandemic, but officials worry that trend is coming to an end.

Government financial support, banks’ willingness to defer loan and interest payments, and a moratorium on evictions and foreclosures have kept most consumers and businesses out of insolvency.

But bankruptcy experts forecast more people and companies will seek relief from insurmountable debt in the months ahead as aid runs out, courts reopen and banks call in loans, the Press Herald reports.

Maine consumer bankruptcies year to date were down 14 percent in July from 2019, according to the American Bankruptcy Institute.

Latest Headlines

5 hours ago in Lifestyle, Trending

Instagram says it’s safeguarding teens by limiting them to PG-13 content

Teenagers on Instagram will be restricted to seeing PG-13 content by default and won't be able to change their settings without a parent's permission, Meta announced on Tuesday.

6 hours ago in Local

Gov. Mills Officially Announces Run for U.S. Senate

Mills initially said she would make a decision by November

18 hours ago in Local

Woman in Critical Condition After Penobscot County ATV Crash

The crash remains under investigation.

19 hours ago in Local

Maine Woman Serious Injured in Sagadahoc County Crash

Deputies say a woman had to be extracted from her vehicle with serious injuries

20 hours ago in Local

Sen. Collins, Sen. King offer thoughts after Gaza ceasefire deal

Maine's congressional delegation reacting after Hamas released all living hostages after two years of violence in Gaza.