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83-549: Somersworth is a city in Strafford County, New Hampshire , United States. The population was 11,855 at the 2020 census . Somersworth has the smallest area and third-lowest population of New Hampshire's 13 cities. Prior to European settlement, the area that is now Somersworth was central-south Abenaki land. These Algonquian speaking peoples of the Wabanaki Confederacy lived along what they called Newichwanook , now

166-549: A Statement of Affairs document, also known as a Bankruptcy Form, with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be discharged until this document has been lodged. Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA. A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding

249-500: A bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received. After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt" for some years. The maximum number of years this information can be held

332-512: A bankruptcy law ( ley concurs ) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009), but it does not foresee debt discharge. In the US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Unlike most other debts, those student loans may be discharged only if

415-510: A consequence, most Athenian slaves were foreigners (Greek or otherwise). The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency . Bankruptcy is also documented in East Asia . According to al-Maqrizi , the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. A failure of

498-439: A debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U.S. Trustee. In some countries, such as

581-410: A debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money. The creditors have 45 days to accept or reject

664-594: A debtor with debts to a maximum of $ 250,000 (not including the mortgage on their principal residence). If debts are greater than $ 250,000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act . An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal (these are virtually the same although the terms are not interchangeable). A Proposal Administrator

747-451: A fair and orderly manner by all licensed Trustees in Canada. Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates are governed by the Bankruptcy and Insolvency Act of Canada. Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $ 1,000 in debt. In 2011,

830-480: A female householder with no husband present, and 34.80% were non-families. 24.80% of all households were made up of individuals, and 8.20% had someone living alone who was 65 years of age or older. The average household size was 2.50 and the average family size was 2.98. In the county, the population was spread out, with 23.70% under the age of 18, 13.60% from 18 to 24, 30.60% from 25 to 44, 20.90% from 45 to 64, and 11.20% who were 65 years of age or older. The median age

913-643: A household was $ 54,868, and the median income for a family was $ 66,086. Male full-time workers had a median income of $ 47,865 versus $ 36,935 for females. The per capita income for the city was $ 25,527. 13.6% of the population and 10.2% of families were below the poverty line, along with 20.0% of people under the age of 18 and 6.9% of people 65 or older. The Somersworth School District consists of Somersworth High School (grades 9–12), Somersworth Middle School (grades 6–8), and two elementary schools, Idlehurst Elementary School and Maple Wood Elementary School. Somersworth's first high school (pictured above) opened in 1850 and

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996-427: A nation to meet bond repayments has been seen on many occasions. In a similar way, Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France , Portugal , Prussia , Spain , and the early Italian city-states. At

1079-402: A period of five years; debt slaves had protection of life and limb, which regular slaves did not have. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens , which by the laws of Solon forbade enslavement for debt; as

1162-465: A person bankrupt by compulsory procedure. Basically, these obligations are derived from the legal acts of the court, transactions, the obligation of the debtor to pay taxes, duties, and other fees defined by law. At the same time, when being declared bankrupt with a voluntary bankruptcy application, the applicant bears the obligation to prove the fact that the value of his assets is less than his assets by one million AMD or more. In Australia, bankruptcy

1245-433: A reduction of 8.6% over 2010. Some of the duties of the trustee in bankruptcy are to: Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes: In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. A typical proposal would involve

1328-719: A retail center, with several big-box chain stores . One ship of the United States Navy was named after the city; the USS ; Somersworth  (PCE(R)-849) was a PCE-842-class patrol craft . Commissioned in April 1944, it was named after the city in February 1956, and remained in service until decommissioned in September 1965. The ship was present at the surrender of Japan in Tokyo Bay at

1411-508: A western portion of the city, leading northwest to Rochester and south to Dover. New Hampshire Route 236 (West High Street) leads west out of downtown to NH 108. As of the census of 2020, there were 11,855 people residing in the city. There were 5,325 housing units, of which 243, or 4.6%, were vacant. The racial makeup of the city was 82.4% white , 1.8% African American , 0.3% Native American , 7.3% Asian , 0.05% Pacific Islander, 2.1% some other race, and 6.1% from two or more races. 4.3% of

1494-615: Is a tidal river that flows into the Piscataqua River . According to the United States Census Bureau , the county has a total area of 384 square miles (990 km ), of which 369 square miles (960 km ) is land and 15 square miles (39 km ) (3.9%) is water. It is the smallest county in New Hampshire by area. As of the census of 2000, there were 112,233 people, 42,581 households, and 27,762 families living in

1577-730: Is a white-collar crime most typically involving concealment of assets by a debtor to avoid liquidation in bankruptcy proceedings. It may include filing of false information, multiple filings in different jurisdictions, bribery, and other acts. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitute perjury . Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In

1660-400: Is a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. The Extrajudicial Restructuring ( Recuperação Extrajudicial ) is a private negotiation that involves creditors and debtors and, as with court-ordered restructuring, also must be approved by courts. Bankruptcy, also referred to as insolvency in Canada, is governed by

1743-459: Is a payment period of three years; however, the court reserves the right to increase or decrease the period depending upon the circumstances of the case. If the debtor has no proven financial ability to pay the creditors, he may be granted an immediate discharge. Since 1996, Israeli personal bankruptcy law has shifted to a relatively debtor-friendly regime, not unlike the American model. In May 2016,

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1826-545: Is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966 . Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 . If a person commits an act of bankruptcy, then a creditor can apply to the Federal Circuit Court or the Federal Court for a sequestration order . Acts of bankruptcy are defined in

1909-546: Is above a certain threshold. If the bankrupt fails to pay, the trustee can ask the Official Receiver to issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may seek to extend the bankruptcy for a further three or five years. Bankruptcies can be annulled, and the bankrupt released from bankruptcy, prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes

1992-504: Is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators. In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals. In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as

2075-558: Is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). The Other Member States do not provide the option of a debt discharge. Spain, for example, passed

2158-561: Is often described as having originated in Renaissance Italy , where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. In Ancient Greece , bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " debt slavery " until the creditor recouped losses through their physical labour . Many city-states in ancient Greece limited debt slavery to

2241-492: Is provided by the Cooperative Alliance for Seacoast Transportation . Strafford County, New Hampshire Strafford County is a county in the U.S. state of New Hampshire . As of the 2020 census , the population was 130,889. Its county seat is Dover . Strafford County was one of the five original counties identified for New Hampshire in 1769. It was named after William Wentworth, 2nd Earl of Strafford in

2324-544: Is subject to the retention limits under the Privacy Act. How long such information is on a credit report may be shorter, depending on the issuing company, but the report must cease to record that information based on the criteria in the Privacy Act. In Brazil , the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with

2407-454: Is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future. While not technically a form of bankruptcy, businesses with $ 5M or more in debt may make use of the Companies' Creditors Arrangement Act to halt all debt recovery efforts against

2490-400: Is to liquidate company assets and pay its creditors. The second one is Court-ordered Restructuring ( Recuperação Judicial ). The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity. It

2573-558: The Bankruptcy and Insolvency Act and is applicable to businesses and individuals. For example, Target Canada , the Canadian subsidiary of the Target Corporation , the second-largest discount retailer in the United States filed for bankruptcy on January 15, 2015, and closed all of its stores by April 12. The office of the Superintendent of Bankruptcy , a federal agency , is responsible for ensuring that bankruptcies are administered in

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2656-643: The New England textile industry went into decline later in the 20th century. Water power was replaced with newer forms of energy, and cotton could be manufactured where it grew, saving transportation costs. Labor was also cheaper in the South , which did not have New Hampshire 's inventory tax that levied commodities like coal and cotton at the plants. The Great Depression sent many regional textile firms into bankruptcy , when some local facilities were adapted for shoemaking . The Great Falls Manufacturing Company's big mill

2739-779: The Parliament of India passed the Insolvency and Bankruptcy Code (IBC), updating outdated corporate insolvency laws. The IBC streamlined the process, reducing delays from a decade to 180 days, and replaced the Board for Industrial and Financial Reconstruction (BIFR) with a market-driven approach. Dutch bankruptcy law is governed by the Dutch Bankruptcy Code ( Faillissementswet ). The code covers three separate legal proceedings. Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing

2822-583: The Salmon Falls River . Colonists from Britain arriving before 1700 named the area "Sligo", after Sligo in Ireland and settled there as a part of Dover . The community was organized in 1729 as the parish of "Summersworth", meaning "summer town", because during that season the ministers preached here. It was set off and incorporated in 1754 by colonial governor Benning Wentworth , and until 1849 included Rollinsford . A clerical error at incorporation contracted

2905-681: The United Kingdom , bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation and administration ) are applied to companies. In the United States , bankruptcy is applied more broadly to formal insolvency proceedings. In some countries, such as in Finland, bankruptcy is limited only to companies and individuals who are insolvent are condemned to de facto indentured servitude or minimum social benefits until their debts are paid in full, with accrued interest except when

2988-560: The poverty line , including 9.10% of those under age 18 and 6.60% of those age 65 or over. The largest cities in Strafford County are Dover (population) and Rochester (land area) . As of the 2010 United States Census , there were 123,143 people, 47,100 households, and 29,862 families living in the county. The population density was 333.7 inhabitants per square mile (128.8/km ). There were 51,697 housing units at an average density of 140.1 per square mile (54.1/km ). The racial makeup of

3071-406: The 47,100 households, 30.6% had children under the age of 18 living with them, 48.4% were married couples living together, 10.5% had a female householder with no husband present, 36.6% were non-families, and 26.3% of all households were made up of individuals. The average household size was 2.44 and the average family size was 2.93. The median age was 36.9 years. The median income for a household in

3154-520: The County Commission, there are five directly elected officials: they include County Attorney, Register of Deeds, County Sheriff, Register of Probate, and County Treasurer. The general court delegation of Strafford County is made up of all of the members of the New Hampshire House of Representatives from the county. There are 37 members from 25 different districts. After the 2020 elections,

3237-533: The Enforcement and Collection Authority. Insolvency proceedings above NIS 150,000 individual debtors file the documents will be conducted before the official receiver (the Insolvency Commissioner) and, if a creditor want to file against a debtor, he needs to open process, before the magistrate's court that hears in the district. Company bankruptcy will be conducted before District Court. Simultaneously, with

3320-577: The Great Falls Manufacturing Company, a textile business that expanded to include three mills for spinning thread and weaving cotton and woolen fabrics, specializing in "drillings, shirtings and sheetings". Throughout the 19th century, other expansive brick mill buildings, including a bleachery and dye works , were erected beside the river. The bleachery became the longest running textile operation in Somersworth. The building housed

3403-612: The Opera House or at Central Park, an amusement park beside Willand Pond. In the early 1870s, the Portsmouth, Great Falls & Conway Railroad began excursions to the White Mountains . The Electric Street Railway came in 1890, allowing trolley rides to York Beach, Maine . In 1922, Somersworth was affected by the 1922 New England Textile Strike , shutting down the mills in the city over an attempted wage cut and hours increase. But

Somersworth, New Hampshire - Misplaced Pages Continue

3486-511: The Superintendent of Bankruptcy reported that trustees in Canada filed 127,774 insolvent estates. Consumer estates were the vast majority, with 122 999 estates. The consumer portion of the 2011 volume is divided into 77,993 bankruptcies and 45,006 consumer proposals. This represented a reduction of 8.9% from 2010. Commercial estates filed by Canadian trustees in 2011 4,775 estates, 3,643 bankruptcies and 1,132 Division 1 proposals. This represents

3569-486: The Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further three or five years depending on the type of Objection. The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as protected assets . These include household furniture and appliances, tools of

3652-443: The U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions. Bankruptcy fraud is a federal crime in the United States. Bankruptcy fraud should be distinguished from strategic bankruptcy , which is not a criminal act since it creates a real (not a fake) bankruptcy state. However, it may still work against the filer. All assets must be disclosed in bankruptcy schedules whether or not

3735-487: The administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available. For

3818-714: The amount of $ 19.9 million for the construction of a new elementary school. The new school has been named Idlehurst, and has been functioning in the SAU 56 school system as of the start of the 2011–2012 school year. In May 2019, Somersworth Middle School was awarded 2019 Middle School of the Year by the New Hampshire Department of Education. The middle school, led by Principal Dana Hilliard, was awarded this award for excellence in education for its ability to engage students and support their social and emotional growth. Public transportation

3901-497: The business. For private households, it is important to assess the underlying problems and to minimize the risk of financial distress to recur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be equally provided during this period of rehabilitation (Refiner et al. , 2003; Gerhardt, 2009; Frade, 2010). In most EU member States, debt discharge

3984-506: The city. Somersworth is bordered to the northeast by the Salmon Falls River , which is also the state boundary with Maine . The highest point in Somersworth is Prospect Hill rising just west of the city center, on which the city reservoir is built. The hill's elevation is approximately 310 feet (94 m) above sea level . New Hampshire Route 9 (High Street) is the main road through the city, leading north into Berwick, Maine , and south into Dover . New Hampshire Route 108 passes through

4067-453: The company while they formulate a plan to restructure. The People's Republic of China legalized bankruptcy in 1986, and a revised law that was more expansive and complete was enacted in 2007. Bankruptcy in Ireland applies only to natural persons . Other insolvency processes including liquidation and examinership are used to deal with corporate insolvency. Irish bankruptcy law has been

4150-600: The consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. A consumer proposal can only be made by

4233-452: The county was $ 57,809 and the median income for a family was $ 72,286. Males had a median income of $ 50,489 versus $ 37,178 for females. The per capita income for the county was $ 28,059. About 6.7% of families and 11.3% of the population were below the poverty line , including 12.3% of those under age 18 and 8.0% of those age 65 or over. The executive power of Strafford County's government is held by three county commissioners. In addition to

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4316-418: The county was 93.8% white, 2.6% Asian, 1.0% black or African American, 0.2% American Indian, 0.5% from other races, and 1.9% from two or more races. Those of Hispanic or Latino origin made up 1.8% of the population. In terms of ancestry, 24.4% were French or French Canadian , 19.7% were Irish , 17.4% were English , 9.5% were Italian , 8.7% were German , 5.2% were American , and 5.0% were Scottish . Of

4399-403: The county. The population density was 304 inhabitants per square mile (117/km ). There were 45,539 housing units at an average density of 124 units per square mile (48/km ). The racial makeup of the county was 96.29% White , 0.63% Black or African American , 0.21% Native American , 1.39% Asian , 0.05% Pacific Islander , 0.30% from other races , and 1.14% from two or more races. 1.03% of

4482-452: The court by the creditor or with an application to recognize his own bankruptcy. Legal and natural persons, including individual entrepreneurs, who have an indisputable payment obligation exceeding 60 days and amounting to more than one million AMD can be declared bankrupt. All creditors, including the state and municipalities, to whom the person has an obligation that meets the above-mentioned minimum criteria can submit an application to declare

4565-568: The court decides to show rare clemency by accepting a debtors application for debt restructuring , in which case an individual may have the amount of remaining debt reduced or be released from the debt. In Argentina the national Act "24.522 de Concursos y Quiebras" regulates the Bankruptcy and the Reorganization of the individuals and companies, public entities are not included. A person may be declared bankrupt with an application submitted to

4648-401: The debtor believes the asset has a net value . This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if

4731-488: The duration of their bankruptcy, all bankrupts have certain restrictions placed upon them. For example, a bankrupt must obtain the permission of their trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details of income and assets. If the bankrupt does not comply with

4814-563: The early 1840s, before which goods were carted to Dover. At first, millworkers came from surrounding farms, including those in Berwick, Maine , directly across the bridge, many of whom were women. But as the need for labor grew, immigrants arrived from Ireland , and later Quebec . Brick tenement row houses were rented by the company to employee families, many of whose members worked in the mills beside their parents before passage of child labor laws. For relaxation, workers found entertainment at

4897-415: The edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well." The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of

4980-450: The end of World War II . Somersworth is located in eastern Strafford County at 43°15′14″N 70°52′32″W  /  43.25389°N 70.87556°W  / 43.25389; -70.87556 (43.253783, −70.875499). According to the United States Census Bureau , the city has a total area of 10.0 square miles (25.9 km), of which 9.8 square miles (25.4 km) are land and 0.2 square miles (0.5 km) are water, comprising 1.96% of

5063-440: The exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies. Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy

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5146-649: The failure of the school district to address the numerous code violations during the probation period, the waivers continued to be extended past their originally intended three-year period. In August 2007, the upper floors of the school were closed by the New Hampshire State Fire Marshall after the city neglected to fix code violations they were warned about in November 2006. The closure of the upper floors came just weeks before neighborhood students were scheduled to return from summer vacation. This resulted in

5229-459: The greater Boston- Worcester - Providence , MA - RI -NH- CT Combined Statistical Area . It is estimated to be New Hampshire's county with the highest percentage growth over the 2010–2019 period. Strafford County is in southeastern New Hampshire, separated from York County in the state of Maine by the Salmon Falls River . The southern part of the Salmon Falls, from Rollinsford to Dover ,

5312-481: The issue of the order for the commencement of insolvency proceedings, the Insolvency Commissioner shall appoint a trustee for the debtor and an audit will be carried out, in which the debtor's economic capability and his conduct will be examined (lasting approximately 12 months). At the end of this audit a payment plan is established, at the end of which the debtor will receive a discharge. The default scenario

5395-487: The larger neighboring cities of Dover and Rochester , Somersworth retains a quantity of Victorian architecture from its prosperous age. Some antique residences, most notably within the historic district known as "The Hill", have been restored. The municipality is today largely a bedroom community for other cities and the Portsmouth Naval Shipyard . The upper end of High Street, however, continues to develop as

5478-514: The legislation, and include the failure to comply with a bankruptcy notice. A bankruptcy notice can be issued where, among other cases, a person fails to pay a judgment debt of at least $ 5,000. A person can also seek to have themselves declared bankrupt for any amount of debt by lodging a debtor's petition with the "Official Receiver", which is the Australian Financial Security Authority (AFSA). All bankrupts must lodge

5561-457: The mistaken belief that he was the ancestor of governor John Wentworth – although they were distantly related, William had no descendants. The county was organized at Dover in 1771. In 1840, the size of the original county was reduced with the creation of Belknap County . Strafford County constitutes a portion of the Boston - Cambridge - Newton , MA -NH Metropolitan Statistical Area as well as of

5644-484: The name to "Somersworth". It was incorporated as a city in 1893, before which it was also known as "Great Falls". Situated where the Salmon Falls River drops 100 feet (30 m) over a mile, Somersworth early became a mill town , beginning with gristmills and sawmills . In 1822, the brothers Isaac and Jacob Wendell of Boston purchased for $ 5,000 a gristmill with its water rights at the Great Falls. They established

5727-450: The operations that took the buff-colored fabric produced in the seven mills and transformed it into a sparkling white material that could be dyed or printed according to the buyer's wishes. The gate house at the dam directed water as needed, regulating the flow either into the river or a company canal, which itself had gates sending it under the mill. Water power turned the wheels and belts that operated mill machinery. The railroad arrived in

5810-453: The party distribution of representatives for the county was as follows. 43°17′N 71°02′W  /  43.29°N 71.03°W  / 43.29; -71.03 Bankruptcy Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency . The word bankruptcy is derived from Italian banca rotta , literally meaning ' broken bank ' . The term

5893-518: The person seeking discharge establishes specific grounds for discharge under the Brunner test, under which the court evaluates three factors: Even if a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt. Bankruptcy fraud

5976-435: The population were Hispanic or Latino of any race. As of the census of 2010, there were 11,766 people, 4,862 households, and 3,044 families residing in the city. There were 5,199 housing units, of which 337, or 6.5%, were vacant. The racial makeup of the city was 89.4% white , 1.4% African American , 0.3% Native American , 5.3% Asian , 0.02% Pacific Islander, 0.9% some other race, and 2.6% from two or more races. 2.5% of

6059-442: The population were Hispanic or Latino of any race. Of the 4,862 households in the city, 31.6% had children under the age of 18 living with them, 43.9% were headed by married couples living together, 13.5% had a female householder with no husband present, and 37.4% were non-families. 28.5% of all households were made up of individuals, and 10.2% were someone living alone who was 65 years of age or older. The average household size

6142-422: The population were Hispanic or Latino of any race. 15.8% were of English , 14.9% Irish , 14.0% French , 10.5% French Canadian , 7.6% American , 6.3% Italian and 6.2% German ancestry. 93.7% spoke English and 3.2% French as their first language. There were 42,581 households, out of which 32.60% had children under the age of 18 living with them, 51.10% were married couples living together, 10.00% had

6225-403: The previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of

6308-487: The securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with

6391-565: The start of school being delayed by over two weeks for Hilltop students. Three portable classrooms were brought in for "2 years" in 2007. Students were still occupying the three portable classrooms surpassing the time allotted as of August 18, 2010. In the spring of 2007, the Somersworth School Board voted to build a new school to replace Hilltop. On February 17, 2009, the Somersworth City Council voted to approve bonding in

6474-503: The subject of significant comment, from both government sources and the media, as being in need of reform. Part 7 of the Civil Law (Miscellaneous Provisions) Act 2011 has started this process and the government has committed to further reform. Bankruptcy in Israel is governed by the Insolvency and Rehabilitation Law, 2018. Insolvency proceedings below NIS 150,000 will be administered entirely by

6557-442: The trade and vehicles up to a certain value. All other assets of value can be sold. If a house, including the main residence, or car is above a certain value, a third party can buy the interest from the estate in order for the bankrupt to utilise the asset. If this is not done, the interest vests in the estate and the trustee is able to take possession of the asset and sell it. The bankrupt must pay income contributions if their income

6640-434: Was 2.42, and the average family size was 2.95. 23.2% of residents in the city were under the age of 18, 8.1% were from age 18 to 24, 29.2% were from 25 to 44, 27.7% were from 45 to 64, and 11.8% were 65 years of age or older. The median age was 37.8 years. For every 100 females, there were 91.3 males. For every 100 females age 18 and over, there were 89.3 males. For the period 2011–2015, the estimated median annual income for

6723-414: Was 34 years. For every 100 females, there were 94.30 males. For every 100 females age 18 and over, there were 91.10 males. The median income for a household in the county was $ 44,803, and the median income for a family was $ 53,075. Males had a median income of $ 36,661 versus $ 26,208 for females. The per capita income for the county was $ 20,479. About 5.00% of families and 9.20% of the population were below

6806-593: Was located at 17 Grand Street. Hilltop School , built at the same location in 1927, replaced the original high school. Later it would be converted to an elementary school. In 1999, after numerous fire code violations were identified with the Hilltop School by the New Hampshire State Fire Marshal, the City of Somersworth was granted waivers for a period of three years to address the state's concerns. Despite

6889-442: Was renovated for other uses in the 1980s, although the bleachery suffered a devastating fire in November 2003, which required assistance from 23 fire departments from New Hampshire and Maine . Aclara Technologies operates a factory (previously owned by General Electric Company ) that manufactures state of the art electric meters for the energy business. Somersworth's heyday was during the mill era. Although frequently overshadowed by

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