By Erin Douglas, The Texas Tribune Jan. 15, 2021
The National Rifle Association filed Chapter 11 bankruptcy Friday and said it would eventually reincorporate in Texas — a move experts say is a legal maneuver to escape an aggressive lawsuit being pursued by the New York attorney general.
Officials in Texas — which is known as both a gun-friendly and debtor-friendly state — welcomed the NRA’s announcement Friday, embracing the NRA’s stance that it is fleeing a “toxic political environment” in New York. Read article HERE. Read more HERE.
Major NRA donor to challenge gun group’s bankruptcy over alleged fraud
A major donor to the National Rifle Association is poised to challenge key aspects of the gun group’s bankruptcy filing, in an attempt to hold executives accountable for allegedly having defrauded their members of millions of dollars to support their own lavish lifestyles. Read HERE.
What do you know about bankruptcy?
According to Cara O’Neill writing for Nolo.com, “Bankruptcy allows people struggling with debt to wipe out certain obligations and get a fresh start. The two primary bankruptcy types filed—Chapter 7 and Chapter 13 bankruptcy—each offer different benefits, and, in some cases, treat debt and property differently, too. You’ll choose the chapter that’s right for you depending on your income, property, and goals.” Here are some links to help you learn more about this legal/financial process.
- What Bankruptcy Can and Cannot Do
- Bankruptcy Basics
- Bankruptcy – Wikipedia
- Filing Bankruptcy: Chapter 7 vs. Chapter 13 vs. Chapter 11 Bankruptcy
- Discharge in Bankruptcy