Senior Care Subsector Report Chapter 11 Bankruptcy Filings:Trends and Profile
Gibbins Advisors partnered with NIC to publish a new industry-specific report and analysis, focusing upon Chapter 11 filings in the Senior Care Subsector from 2019 to 2025 (pre-to-post-pandemic) for cases with liabilities of at least $10 million.
Gibbins Advisors, a leading healthcare restructuring advisory firm, In collaboration with the National Investment Center for Seniors Housing & Care (“NIC”), prepared this Senior Care subsector report as a deeper dive within its broader healthcare Chapter 11 bankruptcy research. This analysis reviews Senior Care sector Chapter 11 bankruptcy filings from 2019 through 2025 for cases with liabilities of at least $10 million to assess how activity has evolved over time and how bankruptcies break down by size and segment (i.e., Continuing Care Retirement Communities (CCRCs), Skilled Nursing Facilities (SNFs), and Senior Living communities: Independent Living, Assisted Living, and Memory Care).
Stable filing trends: After minimal activity in 2020 due to COVID-era funding, annual filings stabilized at ~10–15 cases, with 12 filings in 2025 in line with recent averages.
Pandemic impact was temporary: Government liquidity suppressed bankruptcies in 2020 despite falling occupancy, with activity normalizing from 2021 onward.
Aligned with broader healthcare trends: Since 2023, senior care bankruptcy patterns have largely tracked the wider healthcare sector.
Consistent sector share: Senior care accounts for roughly 24% of all healthcare Chapter 11 filings.
Even segment distribution: Filings are broadly balanced across CCRCs, SNFs, and senior living, though SNF and senior living show more year-to-year volatility.
CCRCs more stable: CCRC filings have remained relatively steady over time, aside from a dip in 2024.
Size differences by segment: SNF and senior living cases are typically smaller ($10M–$50M), while CCRC bankruptcies more often involve larger liabilities ($100M–$500M).
For questions, comments or more information, contact Clare Moylan: cmoylan@gibbinsadvisors.com.