A recent bankruptcy filing by a network of senior living facilities in Illinois and Indiana highlights the financial risk posed to residents who pay large entry fees to continuing care retirement communities, but get limited government protections, senior advocates say.
In February, a Lutheran not-for-profit that operates several long-term care facilities — including Lutheran Home in Arlington Heights — filed for Chapter 11 bankruptcy, seeking to continue operations while shedding debt.
The latest bankruptcy follows a Chapter 11 filing in 2023 by Schaumburg’s Friendship Village, now called Encore Village. The Oaks at Bartlett also filed for bankruptcy in 2011 and 2019, went into receivership in 2024 and was sold…