Houston-based P Health, which operates as PsychPlus, filed for Chapter 11 bankruptcy, according to documents filed May 8 in the U.S. Bankruptcy Court for the Southern District of Texas.
Chapter 11 allows a company to continue operating while it reorganizes its debts and business affairs under court supervision.
PsychPlus provides mental healthcare services, including psychiatry, therapy and behavioral health services. It has 97 treatment locations in 42 states, according to its website.
In the first quarter of 2026, healthcare Chapter 11 bankruptcy filings increased to 12 cases from 9 cases in the fourth quarter of 2025.
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