In an attempt to protect itself against creditors, the Linden Ponds retirement community has filed for Chapter 11 bankruptcy.

In a statement issued by the parent company, Erickson Retirement Communities LLC, the company has been in financial dire straights since 2009. At that time the campus main campus was under construction, and only half complete, when a letter was sent out to residents. The company decried a poor economy as the reason for halting construction.

While Linden Ponds is under Chapter 11 bankruptcy protection, the administration and current residents will be protected from its creditors. All of the residents are aware of the company's Chapter 11 bankruptcy restructuring plan, and are kept up to date on any news regarding the bankruptcy. The home currently holds 1,000 senior citizens.

Is your company failing financially? If so, contact a South Texas bankruptcy attorney now to discuss your current financial situation and future plans.