The tornado that recently wreaked havoc in Alabama has also been predicted to have a negative impact on the state’s finances. Jefferson County, in particular, will be affected by the storms because the county was already facing the biggest municipal bankruptcy that has ever occurred in the U.S.
The tornado destroyed more than 5,000 homes and left 19 people dead in Jefferson County alone. Officials have reported that the county will have to pay $400 million to clean up the ravaged area. They have said that the county will not be able to recover from its debt for at least 3-5 years, due, in part, to the storm.
Many Jefferson County residents are wondering how the storm and financial crisis will affect them. Reports have indicated that county officials are trying not to let residents feel the impact of the debt.
If you or someone you love is in debt and would like to discuss bankruptcy options, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.