Officials representing the town of York, Ala., met with more than 40 creditors this week.
Right now, York officials say it's unknown exactly how much the town owes.
Financial advisor Tom Luke says it will likely be the middle of this month before the town is able to add up all of its debts, but despite financial woes over the past year, Luke says things are looking up.
"Believe it or not, the month of January, after we had taken control and started controlling our expenditures, both our general fund and our utilities fund showed a positive cash flow balance, which is something that is encouraging," said Luke.
Luke says it will likely take a year to two years for the town to pay off all of its outstanding debt.