A recent report stated that Jefferson County plans to file its plan for addressing its debts and how it will exit bankruptcy on June 1.

County officials said on March 12 that they hope to present a plan that receives the approval of sewer creditors, but were also considering using “cram-down” power, in which a repayment plan can be approved by the court against the will of dissenting creditors. But Chief U.S. Bankruptcy Judge Thomas Bennett, who is overseeing the case, must confirm the adjustment plan.

At least two consenting impaired classes of creditors needed for the “cram-down” are believed to have been secured by the county.

Mounting debt is something which even government entities can face. Fortunately, any party who is experiencing high levels of debt that cannot be paid has numerous options available to them, such as filing for bankruptcy. To learn more about your options, whether as an individual or a company, for getting out of your debt, call a lawyer from Greenway Bankruptcy Law, LLC, at (205) 324-4000.