I don't think the NRA can use bankruptcy protection to move to Texas. They can found a new organization in Texas, but they won't be able to use the name NRA or transfer assets or members, and if they do, the new organization might become liable for the NRA's debt.
I guess they could try to "sell" their assets and members to a new Texas-based NRA, but this new organization would have to come up with hundreds of millions upfront that the NRA could use to pay off it's debt. Would a new NRA be able to come up with that money?
Maybe they have funneled money somewhere for some time to pull this off, but that could be also seized during the bankruptcy process if that money came from the NRA. I am not that familiar with US law, but the basic rules are very similar.
The goal of a chapter 11 bankruptcy is to allow a business to continue operating so they can pay off more debt. There are also debt that can't be discharged, like taxes, and a lot of other barriers to discharge debt, and it all requires approval of the plan in the first place.
I am not saying they can't pull something off, and I think this has been in the making for some time, but all this is going to cost the NRA dearly - chapter 11 is deemed to be the most expensive type of bankruptcy, and it is bad for the image, too.
The NRA statement makes this all sound like a done deal, ditch New York and "move" to Texas, and discharge debt and liabilities along they way. That's not how it works, and I am curious how this will actually play out in the end.
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