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Retirement Dream Shattered: Fees Vanish in Bankruptcy
9 Dec
Summary
- Retirement community bankruptcy left seniors without promised care.
- Heirs lost substantial entrance fees, facing financial ruin.
- Separated couples and immense costs marked the facility's failure.
A decade-old dream of secure retirement has dissolved for many residents of Harborside Retirement Community, which filed for bankruptcy in 2023.
This continuing care retirement community, known for its substantial entrance fees and promises of lifelong care, has left families like Barbara Cooper's in financial distress. Her parents, who paid $946,000 for a combined living arrangement, now face the loss of 80% of their entrance fee.
This situation is not isolated, with at least 15 similar facilities filing for bankruptcy in recent years. Arlene Kohen, aged 94, was forced to move to a facility costing $10,000 more monthly, while her family lost their $710,000 entrance fee. The emotional toll is immense, with separated couples and the premature deaths of residents highlighting the tragic consequences of these financial collapses.
