Commercial Debt Collection in Manchester
Sitting on the southern side of New Hampshire is Manchester, a city known for having a low cost of living and high affordability ranking. But what happens when a business fails or commercial debt collection ensues? What are the laws and rates for debt collection?
What is Manchester?
The city population of Manchester alone was more than 112,000 in 2019, and bolstered more than 406,000 in its metropolitan area. What draws people to want to live in Manchester? One reason could be its tax-friendly history, upward income mobility, and quality of education. (Wikipedia)
Manchester originally saw a boom in the textile mill industry early in its history, and recently has reached other areas of business that improve the quality of life for residents and tourists. Between 2009 and 2015, Manchester was ranked #1 as the best U.S. city for small businesses, and 13 out of 100 in the best cities to live and launch a business.
Manchester During 2020 COVID Pandemic
Like other cities in the United States, the pandemic of 2020 was a financial burden on hospitals and businesses in Manchester. Hospitals in New Hampshire as a whole collectively lost more than $570 million between March and July (WCVB). The loss of funds to hospitals in and around Manchester has resulted in employee layoffs in the city, a freeze in hiring, reduced hours, and lack of available resources to deal with the rise in COVID patients. For more information on recommended CDC measures regarding the COVID pandemic, visit NH.gov.
Commercial Debt Collection Laws
Is your business suffering from commercial debt issues? The statute of limitations for open accounts and leases is 4 years, and 6 years for written contracts, domestic judgments and foreign judgments.
For more details about commercial debt collection laws in Manchester and New Hampshire, visit: psicollect.com/new-hampshire