Proving Nothing is Sacred, Even Nuns Finding Themselves in Bankruptcy Court

Chicago-area nuns have found themselves in bankruptcy court three times in the past two months, according to a story published by Senior Housing News (SHN) on December 7, 2011. The most recent case involved the Sisters of St. Joseph of the Third Order of St. Francis, who filed for Chapter 11 bankruptcy protection to restructure the debt of Clare Oaks, the continuing care retirement community (CCRC) in suburban Bartlett.

"Senior living facilities have experienced substantial declines in occupancy as a result of market changes," said Paul Rundell, managing director at the consulting firm Alvarez & Marsal, in court papers according to SHN. "Because of these challenging market conditions, [Clare Oaks] has experienced lower than anticipated revenue and a slower than anticipated fill up of the Clare Oaks Campus, which has caused the Debtor to default under its bond obligations."

SHN also noted that the Franciscan Sisters of Chicago Service Corporation (FSCSC) filed for bankruptcy protection on a luxury senior living facility located in Chicago in November after defaulting on bond debt. An Ohio CCRC belonging to an operating division of the FSCSC also filed for bankruptcy protection that same month after suffering "substantial declines in sales and occupancy" due to the struggling economy.

If you are currently struggling to find some form of foreclosure help, you should know that you are not alone. You should also know that filing for Chapter 7 or Chapter 13 bankruptcy could help you keep your home if you are facing foreclosure. After all, if even sisterhoods of nuns are having to turn to bankruptcy, it would seem evident that filing is a better option than holding out for divine intervention.

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