When the National Rifle Association filed for bankruptcy a few months ago, they joined a long list of famous businesses to file for bankruptcy over the past year. It seems that every week another company is filing, but, the bright side of the bankruptcy onslaught is that more and more people are realizing that bankruptcies are for everyone.
The NRA case
The North Texas bankruptcy court is holding the NRA bankruptcy case virtually. The NRA is arguing that their business should be overseen by a court-appointed examiner or trustee. The NRA’s Chief Executive Officer, Wayne LaPierre, has already testified and admitted that the organization is fiscally sound.
The immediate arguments
Since Mr. LaPierre has admitted that the NRA is doing well, the New York Attorney General, Letitia James, through her local attorney, Gerrit Pronske, argued that the NRA’s bankruptcy should be dismissed. Specifically, the argument is that since the NRA is not financially insolvent, i.e., going bankrupt or going out of business, they should not be allowed to file bankruptcy.
The lawsuit before bankruptcy
The New York AG originally sued the NRA because they alleged that NRA leadership misappropriated millions of the organization’s cash reserves. These misappropriations included using private jets, lavish vacations, diverting money to favored vendors and NRA insiders, etc.
Bankruptcy attorneys can help
For St. Petersburg, Florida, residents struggling with debt or a lack of income, especially during these trying times over this past year, a bankruptcy attorney can help. A bankruptcy filing can help provide immediate relief from creditor harassment and wage garnishment. Filing can help Floridians protect their house and other major assets.