The Clare at Water Tower, a high-end residence for the elderly in Chicago, filed for Chapter 11 bankruptcy on Monday.

The facility was not able to attract enough wealthy seniors since opening, and filed at the U.S. Bankruptcy Court in Chicago.  The company listed $100 million to $500 million in assets and liabilities. Its creditors include Loyola University, the City of Chicago, Franciscan Sisters of Chicago Service Corp., and Greystone Development of Irving, TX. 

A representative of the Clare stated the company was "dangerously close to running out of working capital." Maryland-based Redwood Capital Investments, LLC is a potential buyer of the property. 

Only 80 condos were occupied by residents thirteen months after opening. They have since struggled to pay off debts.

If you are struggling to pay off debts and are considering bankruptcy, contact Maryland bankruptcy attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today to discuss your legal options.