Business owners in a variety of fields may need to file for bankruptcy for a plethora of reasons. Sometimes, financial burdens such as high levels of debt simply have to be addressed via a bankruptcy petition, which may offer a number of benefits for those who run a company in Ohio. Not only is filing for bankruptcy often advantageous for those who own a business, but individuals may benefit in many ways as well, from sleeping easier at night to a new financial start.
The owner of multiple nursing homes in Ohio recently filed for Chapter 11 bankruptcy. As a result, the nursing homes, eight in total, will have a different owner. The transition is not expected to have an impact on the care that patients in the nursing homes receive, nor is it supposed to affect the benefits that employees receive.
A number of reasons have been given for the financial challenges faced by the owner of the nursing homes, including home health care and a reduction in reimbursements from the government. The nursing home operator has apparently been unable to stay current on rent payments since 2012 and owed $446 million worth of rent.
Filing for bankruptcy may bring up various questions, which is why those who are considering this route should carefully explore their options. For many businesses and individuals who are looking into bankruptcy, talking with a qualified legal professional is a great way to learn more about some of their options.
Source: Dayton Daily News, “Area nursing home operator files for bankruptcy,” Kaitlin Schroeder, March 7, 2018