For anyone that has consumed news during the past 12 months or so, they likely have noticed the deluge of bankruptcy filings by famous brands. Perhaps, one of the most shocking, for various reasons, is the National Rifle Association. However, a bankruptcy judge is currently mulling whether to dismiss the NRA’s case.
The bankruptcy case
The NRA bankruptcy case has been ongoing for months virtually through a North Texas bankruptcy court. The NRA is arguing for bankruptcy oversight of their business.
The case against the NRA
At issue is whether the NRA’s bankruptcy is legitimate. The NRA’s Chief Executive Officer, Wayne LaPierre, testified in April. He admitted that he never told the organization’s chief financial officer, general counsel or other high-ranking NRA officials. He actually admitted that the NRA is as financially strong as it has been in years. This has led the New York Attorney General, Letitia James, to argue, through her local attorney, Gerrit Pronske, that the bankruptcy filing is actually an attempt to avoid regulatory oversight. They actually cite to Mr. LaPierre’s own words and the fact that the NRA is not actually “going bankrupt,” or even in fiscal trouble.
The takeaways for the rest of us
For Ocean City and Glen Burnie residents and those throughout the state having difficult financial times, bankruptcy can help. Just like the NRA and countless other celebrities and businesses, we all can access the bankruptcy system when we need it. And, at the end of the process, we can get a fresh financial start. Though, the first step into that life is calling an attorney.
