Bankruptcy Case | Client Default

A former southern New Hampshire small contractor was financially holding on in this difficult economy. He had work, reliable employees and subcontractors and a good reputation. When a long-time valuable client got into financial difficulties and failed to make a major payment owed to the contractor, all of the contractor's bills got backed up. His equipment loan was with the same bank as his business operating account. Without advanced notice, the bank swept overdue equipment loan payments from the operating account, causing several outstanding operating checks to bounce.

After the contractor tried to recoup the losses, and his customer who owed him a significant debt decided to go out of business, the contractor faced the possibility of trying to work out of this economic hole for the next five to ten year or get a fresh start for himself and his family through the protection of the Bankruptcy Code. This contractor felt that he never would have to face bankruptcy. He ran a good business and made good spending choices. The financial hole was simply too deep. Bankruptcy allowed him to get a fresh start and relieved him from significant unsecured debt, including personal obligations.

Our client was embarrassed to talk about the possibility of bankruptcy but after sizing up all of his economic options and evaluating his need to get back on his feet to support his family, including future college educational classes for his children, bankruptcy ended up providing a great relief.

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Disclaimer: Remember that every case is different and we are not able to promise in advance what your case will settle for or suggest that past results will be a reflection of your own individual case result. Below are some samples of our previous successes.