A county in Alabama has gotten the approval to file for bankruptcy. This will be the largest municipal bankruptcy filing to date in the nation.

After a group of the county's leaders met to discuss the proposition, it was decided that area may file for bankruptcy. However, there is also a discussion happening with the largest group of creditors. This group is currently owed $3.14 billion; there is no talk yet of how much the settlement would be for. Of the creditors, a national bank would take the largest hit, even with over $1 billion in concessions from the creditors.

At this time, the county has yet to make a final decision. The total amount of debt is still in question, with a $140 million gap between what the county says that it owes and what the creditors are claiming in debts.

Thinking about filing for bankruptcy? Take the time to become aware of your options by contacting the Malaise Law Firm to receive a consultation from one of our South Texas bankruptcy attorneys.