Fraudulent Transfers, Veil Piercing, and Successor Liability in Massachusetts: Key Doctrines for Debtors and Creditors to Understand. Creditors and plaintiffs often encounter the frustrating reality that a judgment debtor or defendant may try to shield assets or operate behind a corporate entity to evade liability. In Massachusetts, three related legal doctrines—fraudulent transfer, corporate veil piercing,…
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On December 1, 2024, significant amendments to the Federal Rules of Bankruptcy Procedure (FRBP) took effect, introducing both stylistic and substantive changes aimed at enhancing clarity, consistency, and efficiency in bankruptcy proceedings. Restyling for Clarity and Consistency A comprehensive restyling of the FRBP was implemented to improve readability and ensure uniformity across all rules. This…
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When buying or selling a business in Massachusetts, one of the most important legal documents involved in the transaction is the Asset Purchase Agreement (APA). An APA outlines the terms under which the buyer acquires specific assets of a company from the seller, as opposed to purchasing the company’s stock or equity interests. Understanding the…
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The term fraud is often used loosely to describe a wide range of disputes. Often a failure to pay a bill or to do something one promised to do so will give rise to allegations of fraud or misrepresentation. However, those examples more accurately describe a breach of contract which is in fact quite different…
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A limited liability company has become the go-to form of business entity for Massachusetts small businesses of all types. But, you may be wondering, what does a limited liability company actually do to limit liabilities? A business operating other than as a limited liability company, partnership, S-corp or C-corp is known as a sole proprietorship. …
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Business owners, especially those in positions of authority or control over company assets, have fiduciary duties that require them to act in the best interests of their company, shareholders, and other stakeholders. These duties are foundational to the trust and integrity needed in business management, ensuring that business leaders are held to high standards in…
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The tremendous rise in home values since the start of the pandemic has been a boon for homeowners as they have seen their home equity increase dramatically over the past few years. However, as real estate prices have climbed, so have personal debts leading to a % rise in personal bankruptcy filings in Massachusetts in…
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If you are considering bankruptcy to eliminate your debts, you may be wondering: Will I be allowed to keep my car if I file for bankruptcy? Most people are surprised to learn that in most individual bankruptcy cases, they are allowed to keep a personal vehicle. Massachusetts Motor Vehicle Exemptions: Bankruptcy filers in Massachusetts are allowed to…
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For the average person, the idea of filing for bankruptcy likely sounds pretty awful. For many people struggling to pay their bills, bankruptcy may seem like a last resort, rock bottom, or an acknowledgment of failure. It is, after all, the worst outcome in both Wheel of Fortune and Monopoly. However, in real life bankruptcy…
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If you have been considering filing for bankruptcy as a way to eliminate your debts, you are probably wondering what the process of filing for bankruptcy is like, whether you will be required to go to court and what that entails. In every bankruptcy case, there is a “meeting of creditors” required by § 341…
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