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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Oklahoma hospital prepares for bankruptcy

Businesses in Oklahoma are often left to make difficult decisions. Often, these decisions can have a major impact on the future success of a company as well as the present day situation of the company's employees. For example, one hospital is now left to determine whether bankruptcy is its best option.

The chief executive officer for the hospital reports that it has debt totaling approximately $16 million. She says that the majority of debt belongs to vendors and creditors. If it remains unpaid, she is concerned that they will garnish the hospital's account. Such an outcome could jeopardize the hospital's ability to pay its employees. Another hospital has offered to loan it money, but the CEO claims that she has no wish for the hospital to go further into debt.

While it considers the available options, the hospital is already preparing bankruptcy filings so it can move forward as soon as the decision is made. In addition to its debts, an accountant has recently discovered that the hospital is missing a significant amount of money in Medicare payments. Officials are unsure exactly how much is missing, claiming it could be as much as $1 million or more. An investigation into the missing money is also underway.

Unfortunately, those who run companies in Oklahoma are left to make difficult decisions. This process can be even more challenging for those who may not be fully aware of all of their options in regard to managing debt and potentially pursuing bankruptcy. Fortunately, there are professionals who can help those facing such decisions fully understand the ramifications of their choices.

Source: kxii.com, "Atoka County Medical Center exploring bankruptcy options", Abbie Maynard, Dec. 1, 2016

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