Wow these stories are both scary and heart-breaking.
In bankruptcy, secured creditors are paid before residents… which is awful because to get into these facilities, you often have to put up many many hundreds of thousands of dollars.
She Paid $1 Million to Join a Senior Facility. Its Bankruptcy Wiped Her Out. [The Wall Street Journal] – “Families have lost at least $190 million in 16 bankruptcies at continuing-care retirement communities.”