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Stan has debt problems.He has unpaid alimony and child support payments.Big Bank is threatening to repossess his car because he is behind on his payments,and a variety of creditors are threatening to sue.He wants to discharge most of his debts and begin with a clean slate.Discuss what action will help Stan's situation.
Certificate Of Incorporation
An official document issued by a government authority that establishes a corporation's legal existence.
Corporate Charter
A legal document establishing a corporation and outlining its structure, governance, and purpose, issued by a governmental authority.
Legal Existence
The state of being recognized by law as a legal entity capable of rights and obligations.
Closely Held
Describes a company or corporation that has a small group of shareholders, with shares that are not publicly traded on the stock market.
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