Alabama’s Jefferson County is in serious financial trouble after several alleged bribes with investors and building a new sewage system that may sink the county altogether.
The county loaned money by several Wall Street banks, such as J.P. Morgan, who served as investors when the county needed to rebuild its sewage system. According to reports, the investors created a complex deal involving swaps, and, now, the county owes investors about $3.2 billion for its new sewage system.
The county has been advised to file Chapter 9 bankruptcy, which may do away with occupational taxes. If Jefferson County does file for bankruptcy, it will be the largest county bankruptcy in the U.S.
Financial problems can feel like the end of the world, but you have options. If you are facing a troublesome financial situation and would like to discuss filing for bankruptcy, please contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.