Bankruptcy Attorney
Bankruptcy Lawyer Attorney Profiles Common Questions Bankruptcy Evaluation Office Locations

No Money Down on Chapter 13 Cases
For Qualified Wage Earners!
Chapter 7 Bankruptcy from $850

Phone and Video Consultations
Available Today!

Information Center
Asset Protection
Bankruptcy Overview
Business Bankruptcy
Chapter 13
Chapter 11
Chapter 7
Creditor Harassment & Abuse
Debt Relief Options
Eliminating 2nd Mortgages
Fighting Foreclosure
Means Test
Rebuild Credit
Taxes & Bankruptcy
Bankruptcy Alternatives
Bankruptcy Exemptions
Bankruptcy Myths
Bankruptcy Process
Bankruptcy Time Line
Benefits of Bankruptcy
Chapter 7 vs. Chapter 13
Filing for Bankruptcy
Is Bankruptcy Right for Me?
Life After Bankruptcy
Why Hire a Bankruptcy Attorney
Will I Lose Anything?
Read our blog

Retirement Community Goes Bankrupt

A decline in the housing economy thwarted the success of an upscale retirement community in Chicago.

The retirement home, located in popular yet wealthy section of the city, was expected to draw a more upscale community. While it is currently open and providing a home to many senior citizens, the revenue is not enough to continue operations without help.

The company is now asking for court approval to borrow $12.5 million from a private financing company. This amount will tide the company over until it has decided on a reorganization plan for Chapter 11 bankruptcy.

If the property is successful in obtaining debtor-in-possession financing, the community will be able to service its current residents. The business was the brainchild of a group of Franciscan sisters that run similar homes across the country. While it was started with much enthusiasm, thirteen months after it opened its doors to potential clients, just 80 condominiums had been sold.

Facing business bankruptcy due to this challenging economy? Contact Bizar & Doyle, LLC today to receive assistance from a Chicago bankruptcy lawyer who can review your finances and inform you of your options.

Free Bankruptcy Evaluation
Eliminate Debt & Bills
123 W. Madison Street, Suite 205; Chicago, IL 60602
Attorney Web Design
The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100