NIC partnered with Gibbins Advisors to prepare the first ever industry-specific bankruptcy report to examine not only recent filings, but also data going back prior to the pandemic for a historical perspective of trends. While bankruptcy data is a trailing measure of distress, it is an important measure for industry participants to track when monitoring the overall health of the senior housing and care sector.
There are several key findings, which are profiled in detail in the full report. A summary of those key takeaways is below.
- Senior Care tends to comprise approximately one quarter of all Healthcare sector Chapter 11 bankruptcy filings. Senior Care and Pharmaceuticals are the two highest subsectors within healthcare for bankruptcy filings, with the two representing nearly half of all filings between 2019-2025.
- In 2019 and from 2021 to 2025, Senior Care Chapter 11 bankruptcy filings ranged from 10 to 15 per year. In 2025, the sector recorded 12 bankruptcy filings, representing a modest increase from 10 filings in 2024 and broadly consistent with the average observed over the prior four-year period.
- The number of Senior Care bankruptcy filings since 2019 is relatively evenly distributed between CCRCs, SNFs, and Senior Living segments.
- Almost 98% of Senior Care Chapter 11 bankruptcy filings in the past seven years have been companies with less than $500M in liabilities. Just two cases in the period from 2019 to 2025 had liabilities in excess of $500M.
We encourage readers to view the full report.
In or around August 2026, Gibbins Advisors will produce another industry-specific report, reflecting updated information for the first half of 2026.