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Alabama is working diligently to formulate a favorable plan to get Jefferson County’s financial woes under control, as reported by Reuters in an August 30, 2012 article. The state’s government is hopeful that a settlement plan will be established by the end of this year.
Jefferson County filed for a Chapter 9 bankruptcy last year after finding themselves in roughly $4.23 billion of debt, making it the largest U.S. municipal bankruptcy in history. Due to the sheer size of the county’s debt, financial analysts and experts have stated that they doubt a concrete financial plan will be reached by the end of this year, especially since some of the county’s creditors are already arguing that the process is going too slowly.
For the financial plan to be established, it must be approved by a U.S. Bankruptcy Judge and ruled as fair to the creditors given the circumstances of the debtor.
If you are in debt or considering bankruptcy, it is important to work with a qualified attorney. The law offices of Jayson Lutzky, P.C. has helped thousands of clients. If you wish to set up a free initial consultation, call us today at (800) 660-5299 or visit us online at www.BankruptcyNYC.com.