The Jefferson County has officially filed the bankruptcy exit plan with the U. S. Bankruptcy Court.

The exit plan for the county was approved by the the Jefferson County Commission in the previous week. The plan includes support agreements will cover about 82 percent of its billions of dollars in debt.

The plan needs to be approved by the U. S. Bankruptcy Judge Thomas Bennett and experts believe that the support from creditors such as JPMorgan Chase & Co will help increase the chances of obtaining an approval for the plan. An approval will allow the county to exit within this year.

Jefferson County Commission President David Carrington said, "The Plan is largely consensual and was negotiated in good faith with a broad range of sewer, general obligation, and school warrant creditors. All of the various sewer creditors will be getting far less than a full recovery."

The county filed the record $4.2 billion bankruptcy in November 2011 as it was unable to pay for its debt.