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Bankruptcy May Be Your Option

Long-term care, rehabilitation company files for bankruptcy

Businesses in Oklahoma can struggle for a variety of different reasons -- often due to situations that are beyond the control of decision makers. When a company becomes overwhelmed with debt, those who run it must make sometimes difficult decisions to ensure the long-term success of the company. Those decisions may, in some cases, involve whether to file for bankruptcy protection and which type of filing to choose.

A company in another state recently decided that it must seek such protection in late July. Senior Care Group Inc. is a non-profit company that was founded in 1983 and owns several rehabilitation and long-term care facilities. Its Chapter 11 bankruptcy request will allow the company to restructure its debt. This form of bankruptcy often allows struggling businesses to create a plan to pay off its debt while allowing them to remain in operation.

Court records indicate that the company has both assets and liabilities in the range of $1 million to $10 million. Reports indicate that the company's largest creditor is Florida Agency for Health Care Administration, with a debt of over $400,000. Several of the company's facilities also filed for protection at the same time.

Those who are given the difficult chore of running a business are dedicated to ensuring its success. Often, this involves deciding how to manage overwhelming debt. For businesses in Oklahoma that are facing similar circumstances, an attorney with experience with bankruptcy can help them fully understand the options available to them and choose the most appropriate one for their individual situation.

Source: bizjournals.com, "Tampa nursing home company files for bankruptcy", Margie Manning, July 28, 2017

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