Can a non-profit organization such as a church file for bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a non-profit organization such as a church file for bankruptcy?
Asked on November 8, 2013 under Bankruptcy Law, New York
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
Yes, a not-for profit can file for protection under the bankruptcy code. The most common form of filing is a chapter 11 in which the organization attempys to submit a plan to the Court for the payment, partial or full, of debts. They can be expensive and cumbersome but potentially, save the organiztion a significant amount of money. Consult with an experinced practitioner before proceeding.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.