New Hampshire bankruptcies hit yet another new low in October
Trend of fewer bankruptcies has continued through pandemic
Some 66 businesses and individuals filed for protection, the lowest number of any month since the three months in 1988, when stricter bankruptcy laws were about to take effect.
The new low beat the previous modern record, set in September, by five.
Indeed, despite the high unemployment and the phase-out of both federal and state assistance to individuals and businesses, the number of bankruptcies has remained low for seven straight months, starting in April, just after the pandemic struck the state.
Bankruptcy attorneys have said they expected their business to pick up in the fall once the loss of aid was felt. But most of that aid disappeared months ago and filings, instead of going up, are going down.
October’s 66 filings are 60% lower than the 166 recorded in October 2019, when the economy was at full throttle. This decrease brings the monthly average of filings to under 93. Last year, the monthly average was 148.
And, despite the high-profile bankruptcy filed by LRGHealthcare – a group of hospital and healthcare facilities in the Lakes Region – there have been very few business bankruptcies filed during the year as well.
In September there were two, and in October there were only one two as well. Besides LRGHealthcare, a restaurant near the Strawberry Banke in Portsmouth.
That was Mombo LLC, Portsmouth, which filed for Chapter 11 reorganization Oct. 6. It reported assets of $15,338 and liabilities of $275,279.
LRGHealthcare, which filed for Chapter 11 on Oct. 19, reported assets and liabilities of between $100 million and $500 million.