Generally Bankruptcy courts have maintained that waiving or contracting away the right to file for relief under the Bankruptcy Code is contrary to public policy.  Not so fast my friends as developing case law recognizes the contractual rights and limiting authority agreed to by members of a limited liability company in their controlling operating agreement.  Secured lenders have recognized this and are becoming more creative to reduce their bankruptcy risk.  Acquiring a membership interest and requiring certain blocking provisions in the operating agreement regarding the filing of bankruptcy as a condition of the loan is one such approach.