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Birmingham bank may file for Chapter 7 bankruptcy

Superior Bancorp, a Birmingham-based bank corporation, is contemplating bankruptcy after one of its main holdings was auctioned off by federal regulators. The subsidiary, Superior Bank, consisted of 73 banks, which were all sold to pay off creditors.

According to reports, the corporation currently has a debt of $122 million with only $6 million in assets. The company’s stock has stock is also 90 percent lower than it was at this time last year.

Under Chapter 7 bankruptcy, the corporation will be able to liquidate its assets and use the money to pay off creditors.

If you or someone you love is considering filing for Chapter 7 bankruptcy, please contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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