Marathon bankruptcy for steelmaker to end. Bankruptcy lawyers are often asked by debtors how long does a bankruptcy case last? A recent bankruptcy case is the exception. This bankruptcy defines a long bankruptcy case. Mexican steelmaker Altos Hornos de Mexico SA, known as Ahmsa for short, filed for bankruptcy in 1999. That was fifteen years ago. The bankruptcy case is still going on. It is hard to believe. There is finally a light at the end of the tunnel. The bankruptcy filing appears finally headed to an end. The company has asked a judge to end the fifteen year old bankruptcy case. The company has finally reached an agreement with a majority of its creditors. The agreement calls for the creditors to be repaid $1.7 billion. The deal calls for the creditors to be paid back in pesos over a three year period. The case filed by bankruptcy attorneys has saved the company. Once the company exits bankruptcy protection, several options are on the table. The company can sell shares to the public. It can also take part in Mexico’s joint energy ventures. The company can even put itself up for sale. It is a good thing most individuals will never have to be in bankruptcy for such a long time. Most individuals who decide to visit a bankruptcy lawyer often have two options should they decide to file a bankruptcy case. Chapter 7 or Chapter 13 bankruptcy are the two chapters that apply to most people. Chapter 7 is a total liquidation bankruptcy that usually takes only a matter of months to complete. Chapter 13 bankruptcy is a repayment plan. The plan at most will last five years. If you are thinking about filing for bankruptcy, talk to a bankruptcy lawyer to learn about the type of bankruptcy that fits your needs. Unlike the Mexican steelmaker, your case will not last for fifteen years.
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