Nonprofits play a major role in society. Working hard to build and fund your nonprofit requires assistance in the form of practical advice and step-by-step instructions. Even in successfully operated a tax-exempt organization money can run out, leaving those individuals whose lives are enhanced without other options.
Started in 2000, 501(c)(3) Texas EquuSearch is a Houston-based mounted search and recovery organization that has run on hard times. The company, whose resources to find missing persons exceeds even that of most local law enforcement agencies is feeling financial pressure among increasing caseloads for the volunteer search and rescue organization. Since its inception, Texas Equusearch has helped conduct countless searches for missing people in every corner of the globe, and is pushing a new fundraising effort in order to help raise money for operations. Executives of the organization say that are not only in need of funds, but also a fresh group of new volunteers dedicated to keeping the nonprofit’s doors open.
Nonprofit fundraising can fall short when executing ambitious projects, and in those instances a board of directors may debt finance parts of their organization, namely secured property such as a buildings or equipment. Thankfully, shutting down a nonprofit organization permanently isn’t the only option when funds are scarce. Just like their for-profit counterparts, nonprofit 501(c)(3) organization can also restructure their debt using a Houston bankruptcy. Using Chapter 11 bankruptcy, a nonprofit can provide creditors with remedies while allowing the organization to stay operational and develop a new plan with creditors.
Chapter 11 Texas Bankruptcy
Chapter 11 bankruptcy allows for Texas corporations, partnerships, and nonprofits reorganize their debts by proposing a plan of reorganization. By primitively filing a Chapter 11 bankruptcy, services can generally be continued without interruption. Texas bankruptcy lawyers may be able to assist if your organization is insolvent and could benefit by staying in business.