Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy. The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.
The filing was made on Thursday. A federal judge in Birmingham ordered a hearing in which officials will determine whether or not the county is eligible for Chapter 9 bankruptcy.
In September, the county and its creditors were able to reach a provisional agreement which included $1.1 billion in concessions. The agreement also included an increase in sewer rates for residents of Jefferson County of up to 8.2 percent.
To speak with an experienced attorney about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.