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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Oklahoma retirement home to remain open during bankruptcy

The reasons for an individual or a business to contemplate measures for debt relief are many, and vary due to individual circumstances. Some find that filing a petition for bankruptcy is the best way to address financial issues. One reason that can affect both individuals and businesses is a catastrophic event that makes bankruptcy not so much an option as an apparent necessity.

In Oklahoma City for example, a retirement home has recently filed a petition for Chapter 11 bankruptcy relief, after a civil court judgment in a personal injury lawsuit went against it. 

The facility was found to be liable for the broken wrist of a patient suffering from Alzheimer’s disease, who lived there. The judgment amount was for more than $15 million, which was apparently more than the business could afford to pay.

Unexpected and significant costs can hit any business or individual especially hard in this difficult economy. Trying to protect or improve a financial standing can only be so effective if a person is slammed with a huge fine or payment, and debt relief solutions can be essential.

Debt is an issue people all across Oklahoma struggle with, whether they own a business, work a full-time job or are out of work. And in general, there can be numerous sources of financial strain that contribute to unmanageable debt. In this case, it was legal expenses, but others are also dealing with medical bills, credit card bills, student loans or mortgages that push them beyond their limits.

Filing for bankruptcy is not something that should be contemplated lightly, or without proper guidance, whether on a personal or business level. An attorney may be able to help you navigate through the process and answer any questions you may have regarding your options. 

Source: Tulsa World, "Oklahoma City retirement home files for bankruptcy relief after $15.1 million judgment," Matt Dinger, July 21, 2014

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