Shrinking Revenue Caused by Fall in Patient Numbers After years of decreased patient volume, Parkview Adventist Medical Center of Brunswick, Maine filed for Chapter 11 bankruptcy protection on June 16, 2015. Parkview Adventist Medical Center plans on merging with their longtime competition, Mid Coast Health Services, another Brunswick hospital. By filing for Chapter 11 bankruptcy protection, Parkview Adventist Medical Center will be able to restructure their debt and find new a new …Read More
Victory Medical Center Landmark Files for Bankruptcy
Hospital’s Parent Company Seeks to Sell Facilities With debts amounting in the millions of dollars, and eight companies starting lawsuits against their parent company, Victory Medical Center Landmark, a hospital located in San Antonio, Texas filed for Chapter 11 bankruptcy protection on June 15, 2015. The hospital’s current plan is to sell their facilities so as to pay back their debts. Hospital is Part of Large System of Health Care Facilities …Read More
Doctors Medical Center Closes
California Hospital for Low Income Patients Shuts its Doors After posting several years in a row of deficits, in the tens of millions of dollars, Doctors Medical Center of San Pablo, California closed on April 21, 2015. Doctors Medical Center, a public hospital, is operated by the West Contra Costa Healthcare District, and the district officials in the months following the closure are trying to promote the hospital for a …Read More
What is Chapter 7?
Selling Assets to Pay Off Debt The term “Chapter 7” is a reference to the process that allows a debtor, who cannot repay their debt, to file for bankruptcy protection, and have their assets liquidated to assist in the repayment of their debt. This is one of the types of bankruptcy protection found within the United States Bankruptcy Code, or the set of laws that deal with bankruptcy. Chapter 7 …Read More
Yadkin Valley Community Hospital Closes
Operator Shuts Doors Unexpectedly In spite of the efforts of local lawmakers, Yadkin Valley Community Hospital closed its doors on May 22, 2015. The small community hospital, located in the town of Yadkinville, North Carolina, had agreements with their operator, Hospital Management Consulting, to continue management until the end of July. The reason for the hospital closure was due to a lack of agreement between the hospital and HMC on …Read More
New Horizons Medical Center Files for Bankruptcy
Kentucky Hospital Seeking New Owners After years of operation, under millions of dollars in debt, New Horizons Medical Center in Owenton, Kentucky filed for Chapter 11 bankruptcy protection on May 29, 2015. New Horizons Medical Center is located in Owen County and serves the neighboring counties of Gallatin and Carrol as well. The Kentucky hospital has been in operation since 1951. Not the First Financial Struggle for the Hospital In …Read More
El Paso Children’s Hospital Files for Bankruptcy
Elected Officials Opposed to the Decision El Paso Children’s Hospital filed for Chapter 11 bankruptcy protection on May 19, 2015. This took place amidst severe disagreements with local lawmakers and the entities that managed the health care facility in El Paso, Texas. University Medical Center had been managing El Paso Children’s Hospital since its opening in February 2012. UMC claims it’s owed over $90 million in unpaid rental and service …Read More
Rural Hospitals Struggling to Stay Open
New Realities Causing Bankruptcies and Closures Hospitals located in rural areas throughout the nation are finding it harder than ever to keep themselves open and in financially healthy situations. Lynn Butler, a lawyer based out of Austin, Texas who has worked on hospital bankruptcy cases, commented on trends in healthcare in remote parts of the country. She said the situation in the near future didn’t look hopeful. “We’ve all seen the crash that’s …Read More
What is Bankruptcy Protection?
Being Given another Chance Bankruptcy protection is the status given to an individual or business that are unable to pay back their debts in full. The bankruptcy protection process can be initiated by either the debtor themselves or even a court in some circumstances. Governmental laws regarding bankruptcy protection were created to assist people who are struggling financially to restructure the debt that’s owed to their creditors. The hope in …Read More
Personal Bankruptcy Terms
Understanding the Legal Process We have compiled an extensive list of commonly used terms in personal bankruptcy. Some of the terms are very basic and more common, whereas others warrant a more detailed explanation. Underlined terms offer more details by clicking on them. Assets – Anything that can be owned and has value. An asset can be exchanged for money. One’s assets can be sold during the process of personal bankruptcy. …Read More