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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
Louisiana’s Oldest Bankruptcy Law Firm
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Even billionaires need debt relief sometimes

Many Louisiana residents are experiencing financial problems, as are others throughout the country. Some might be hesitant to reach out for support because they feel embarrassed or worried about perceived social stigmas attached to certain debt relief options like bankruptcy. However, the simple fact is that even the wealthiest business owners in America sometimes run into financial trouble.

A man who owns a chain of hospitals on the West Coast also happens to be a billionaire. He is a former physician himself and also purchased the Los Angeles Times earlier in 2018. The hospitals that are part of Verity Health System have reportedly been financially struggling for some time now. In situations like this, it is good to keep in mind that most financial problems are temporary and are often resolvable.

There are six non-profit hospitals in the chain, which will continue to remain open for business while the company restructures. The owner of the company says it was already $1 billion in the hole when he bought it. He also said he has determined a need to seek immediate debt relief as efforts to revitalize the business have proved unsuccessful. Apparently, the hope is that the bankruptcy filing will give the owner enough time to find a buyer for the hospital chain.

Verity Health System employs approximately 6,000 workers. Louisiana business owners facing financial crises may want to explore similar debt relief options as the billionaire-owner of these hospitals has done. There are several types of bankruptcy, and an experienced debt relief attorney can help a business owner determine which option may be best in a given set of circumstances.

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