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

4 hours ago in Local

Greater Portland Metro Unveils High Frequency Bus Service to Westbrook, Gorham

It would be the first of its kind rapid-transit service in the state.

5 hours ago in Local

Windham Crash Leads Pickup to Careen into Building

Police are continuing to investigate the circumstances of the crash.

6 hours ago in Local

Maine Man’s Body Found Floating in Lake Auburn

Auburn Police say an investigation is still active.

9 hours ago in Local

Maine lawmakers fail to overturn governor’s veto of data center moratorium

The Maine legislature has upheld the governor's veto of what would have been a first-in-the-nation moratorium on large data centers.

12 hours ago in Local

Police looking for Oxford County woman last seen on Monday

Police are asking for help locating a missing Waterford woman.