I get the feeling poor overworked @
cubby will chime in with better info, but here's what I lknow on the subject.
You can "declare bankruptcy" basically just because you feel like it, but then it goes to court and shit gets real. The concept of declaring bankruptcy is a legal, public announcement that you owe more than you have and can't handle the issue yourself. Two things happen:
1) You forfeit any right to decide which of your creditors is paid off and how, and
2) When it's over, you walk away with effectively nothing -- special exception for student loans.
People who provide services for pay, such as loaning money, fucking hate it when you declare bankruptcy, because depending on where they stand in line, they might get a partial payment, or they might get none. They can/will make their case in court but so will everyone else.
This is also why people who have declared bankruptcy are considered bad risks. They've already shafted others before, so there's a lot of disincentive to give them a second (third, fourth, Trumpth...) chance.
*cracks knuckles*
Which is why what the NRA is doing is a bad idea if optional, and could easily be the death of their organization.
New York State's new motto is "we don't fuck around with Trump or his allies". Yeah, upstate disagrees, but NYC outnumbers the rest of NY so they got to choose. Anyhow, They are suing the crap out of the NRA for claiming they're a nonprofit but not acting like one. You've seen it before, it was on the Trump Runs a Fraud Charity show on the Trump Is A Criminal network. The NRA in particular was caught paying their former...(checks news) nope, still current CEO LaPierre millions upon millions.
NYState's lawsuit is ongoing. If it's incomplete, the NRA can't really call the result a debt and bankruptcy won't clear it.
And it's worse. When you declare bankruptcy, the court does not go through previous payments you've already made and reclaim them. It's a court hearing, not time travel. So, LaPierre will keep all those assets. So will any other excessive payments that led them here in the first place. NYState is not going to take "we spent the money illegally" as an excuse not to pay NYState back. And, yes, a judge can decide on a penalty in a lawsuit which is more money than you have.
Declaring bankruptcy after they lose in court would have made much more sense. Now they're putting themselves into a situation where they're taking their cooldowns off their taskbar, before the raid starts.