Al.com reports that “bankrupt Bessemer Funeral Home will be sold to a new company that has promised to honor all burial contracts, according to testimony at a court hearing Wednesday.”

The company’s old owner, Elizabeth Anne Modder Wallace, formed a new company to buy the old one. Wallace plans to pay $50,ooo, and possibly another $50,000 later for the bankrupt company. This money will go to the bankruptcy estate, which is riddled with expenses.

The promise to honor the pre-paid funeral contracts is one major reason the judge, Tamara Mitchell, allowed the sale. Previously, another company attempted to buy the funeral home but would not guarantee to honor the contracts. The judge refused to allow the sale.

Bankruptcy is a serious and stressful issue to face. If you or someone you know is facing bankruptcy, call an experienced Birmingham bankruptcy lawyer at Greenway Law, L.L.C, by dialing (205) 324-4000.

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