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Filing for bankruptcy starts with disclosing all financial information. This is done on a form called a 'bankruptcy petition', provided by the US Bankruptcy Court. The bankruptcy case starts when the bankruptcy petition form is filed. Both individuals and businesses...

US law allows courts to declare individuals and businesses bankrupt, allowing them to settle debts without full payment. Filing bankruptcy is a legal action asking the court to make this declaration; deciding to file should account for: --Debts that are owed --Asset...

When a couple marries, they gain the legal right to do certain things together, such as own property or owe debts. Divorce is the legal termination of marriage; the legal status, responsibilities and arrangements of the married couple are cancelled. Divorcin...

When the legal state of marriage is ended by divorce, legal commitments by the couple - property, debts and more - must be resolved. While laws vary by state, the divorce process generally involves distinguishing 'community property' that was jointly owned by the co...

If a marriage with children is legally ended by divorce, access, time and legal responsibility for the children - 'custody' - must be decided. Custody arrangements include physical custody, parental visitation rights, and legal custody. . Physical custody arrangemen...

These comparisons to board games might help you understand patents, trademarks and copyright - the main forms of intellectual property. Imagine a game rule that says, you can make up a new rule. If the banker allows the rule, you get exclusive use it for 20 tur...

In US law, corporations are organizations authorized to act as a legal entity. US law also recognizes another legal status for a company, called a 'limited liability corporation', or LLC for short. LLCs are not separate legal entities like regular corporations, but ...

In US law, corporations are organizations authorized to act as a legal entity. US and state tax laws allow a special 'S Corporation' tax status that changes how corporate taxes are handled. The government taxes regular 'C' corporations directly on their profits, und...

Renting home or business space from an owner comes with legal rights and responsibilities. The landlord can't do 'anything they want', and neither can the tenant. Federal, state and local laws all apply. Under the Federal Fair Housing Act, tenant applications can't ...

The conditions and steps involved in a landlord forcing a tenant to leave a rented property - 'eviction' - are defined by state and local laws. As both landlord and tenants have legal rights, eviction requires methodical and documented steps. Unpaid rent would seem ...