Contractor in Maine Recently Filed for Bankruptcy
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Maine contractor files Chapter 7 bankruptcy


October 13, 2010

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Maine contractor files Chapter 7 bankruptcy

A Maine roofing contractor recently filed Chapter 7 bankruptcy.

David Deschaine told WCSH, an NBC affiliate, that his financial problems started a few years ago when he decided to expand his contracting business.

He had purchased land and planned a development, but only a few of the houses were built when the housing market collapsed. Compounding the problem was that at the same time, the company that Deschaine financed with folded, which left him with hundreds of thousands of dollars in debt.

Chapter 7 bankruptcy will require that Deschaine liquidate not only his personal assets but his company's assets as well, including a number of the houses he built and this commercial buildings.

Deschaines told the news source that despite his financial troubles he is still optimistic and is hoping to start a new business under a slightly different name.

He said that this time around he would keep the business small and manageable, and focus on the quality of the work his company does.

The news provider reports that there have been 3,241 bankruptcy filings in Maine so far this year.

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