Economic Distress Linked to Health Problems: Covendium Highlights New Study

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A new study found an association between high home foreclosure rates and mental/physical health issues. Covendium says they have seen a similar connection when businesses face financial distress, and explains how they work to ease the health burdens of their clients.

Just as people facing residential foreclosure suffer health problems, people whose businesses have hit rough water experience related emotional distress

A new economic study by Princeton University economist Janet Currie, recently published by the National Bureau of Economic Research, found a link between high home foreclosure rates and elevated physical and mental health conditions that are known to be caused by stress. Covendium, the nation’s largest debtor-side commercial debt restructuring and advocacy firm, says this study reflects trends they have noticed among people facing financial hardship related to their business. Covendium explains how they help clients face the emotional health challenges that can be part of the commercial foreclosure process.

The study focused on four states hit hardest by the economic crisis: Florida, California, Arizona and New Jersey. It compared foreclosure rates with emergency room visits, and found a notable increase in hospital admissions for a variety of stress-related health conditions including hypertension, diabetes, anxiety, malaise, and even suicide attempts.

“Just as people facing residential foreclosure suffer health problems, people whose businesses have hit rough water experience related emotional distress,” notes John Douglas, COO & Managing Director of Covendium. “By the time businesses contact us for assistance, they have already been under an incredible amount of strain. As part of our commercial debt restructuring services, we provide an opportunity for clients to work on regaining their emotional health at the same time our team works on restoring their company’s financial health.”

Covendium is unique in its approach to resolving its clients’ financial distress. In addition to providing a thorough debtor-rights analysis and debt resolution evaluation, every new client is given access to a member of Covendium’s Emotional Support Staff, and the opportunity to work with a Licensed Mental Health Counselor or Executive Coach, depending on the client and his or her family’s needs and personal goals.

“First and foremost, I help clients find coping strategies that help them handle the inevitable stress that is part of the process,” explains Julie Shepardson, MA, a member of Covendium’s Emotional Support Team. “There is a grieving process associated with the restructuring of their business, and I usher them through it. We also work to prevent these issues from eroding their self esteem and their relationship with their family.”

“We recognize that fixing an ailing business is about more than numbers,” continues Douglas, “and we are dedicated to providing our clients with the full support they need to get back on solid ground, both financially and emotionally.”

For more information about Covendium’s emotional support services, or any of Covendium’s products or services, call them at (407) 284-4000, or view them on the web at http://www.covendium.com.

About Covendium
Covendium specializes in comprehensive commercial debt resolution, restructuring and business consulting for clients whose financial model has been compromised by the economic downturn and the bank liquidity crisis.

For some clients, all they need is an experienced negotiator to provide their lender with the reality of the financial situation and the tool-set to restructure their obligations. For other clients, Covendium provides business consulting and access to non-bank funding sources.

Their team of professional advisors has successfully restructured billions in transactions, with dozens of banking institutions (including major national, regional and community banks) and over 30 separate non-bank financial counterparties.

Bad things happen to good people. Covendium is a premier national debt resolution firm that helps their clients with everything from commercial foreclosure to debt management to commercial debt restructuring to private debt placement.

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Jonathan Gorman
Covendium
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