by Eliot | Legal:
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...
by Eliot | Legal:
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...
by Eliot | Legal:
A will is a written document that defines how your assets will be distributed after you die. Trusts are legal arrangements that involve a separate legal entity to hold and distribute assets — during your life, after your life, or both. As an alternative to...
by Eliot | Legal:
The legal distribution of assets and property left by someone who has died is called ‘probate.’ It is a process of law, involving government and courts, that ensures proper and legal distribution of their assets. Even if the deceased person had a legal...
by Eliot | Legal:
Imagine a board game player telling a friend ‘roll for me, but don’t sell anything’. Would the friend continue to roll when the player returned? Probably not. In game terms, they were granting a limited, temporary power to act on their behalf. These...
by Eliot | Legal:
What is a power of attorney and how does it work? To keep a board game running while one player takes a break, that player could say to another ‘roll the dice and move for me.’ They are granting the second player power to act fully within the game rules....
