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.