tag:blogger.com,1999:blog-86399502007-04-25T09:31:02.025-04:00Rob FalkBlogger21tag:blogger.com,1999:blog-8639950.post-1137429737611304812006-01-16T11:41:00.000-05:002006-01-18T13:41:07.843-05:00Changes to federal bankruptcy law, which became fully effective on October 17, 2005, sharply curtailed the relief available to individual debtors. It is now important, as never before, for individuals engaged in business to organize and operate under the form of a corporation or some other appropriate limited liability entity. It is equally important that all the ongoing legal requirements for the operation of that entity must be punctually observed. Provided these steps are taken, the business will enjoy the limited liability that is provided by applicable state law.<br /><br />The bankruptcy amendments signed into law by President Bush represent a historic change. For the first time in American history, an entrepreneur engaged in business as a corporation will enjoy rights (limitation of liability and the ability to place the limited liability entity in bankruptcy) unavailable to the same entrepreneur engaged in the same business under his or her own name.Rob Falktag:blogger.com,1999:blog-8639950.post-1097262513554927792004-10-08T15:00:00.000-04:002006-01-16T11:40:58.233-05:00The Massachusetts Homestead Act was recently amended, to increase homestead declaration protection to $500,000. Homestead declarations should normally be filed without delay, as homestead protection is generally useful only against debts arising after the declaration was filed with the registry of deeds (or against claims in bankruptcy).<br /><br />As recent decisions suggest that any mortgage filed after the declaration of homestead (i.e. a refinancing) might eliminate its protection, homeowners should be sure no mortgage was filed after the homestead declaration.<br /><br />For more information, see <a href="#" target="_new" onclick="return frameBranding('http://www.lawlib.state.ma.us/homestead.html');">this</a>.Rob Falk