Non-Profit Dowling College Files for Bankruptcy

by San Antonio Attorney

Dowling College, a liberal arts school close to New York, filed for bankruptcy on Nov.  29 after losing its academic accreditation a few months ago and stopped operating after 48 years since it opened its doors.

The college struggled from plummeting enrollment of students and failed to pay on a $54 million debt that was obtained via local government agencies.

Dowling is the latest of many for-profit colleges – just like Corinthian Colleges and ITT Educational Services – that have declared bankruptcy after losing admission to United States government financial assistance programs.

Dowling said before that they were looking for sponsor to save the school had been futile and started facilitating its estimated 1,500 students to get into other schools to finish their education.

Dowling offered several majors in the arts and sciences, business, education, aviation, and graduate degrees.

It has retained the services of real estate firms to help find a buyer for its waterfront property in eastern Long Island, the court documents show.  In 2017, its property in Shirley, New York is going to be put on the market.

The real estate in Long Island is in the residential zone, which is good for an educational institution or other residential related uses.

Morris Brown College in Atlanta declared bankruptcy in 2012.  Some financially distressed nonprofit colleges have merged with other stable institutions or closed down.

It is possible for an institution, company or individual to overcome financial problems, eliminate debts entirely or get help in creating an affordable repayment plan.  A Debt Relief Attorney can help debtors get the new financial start that they deserve.

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