New Bankruptcy Law: Chill
I have been receiving several email questions about the new bankruptcy law. One person complained because the new information was not yet incorporated on my website. This law is more complex than it seems. It raises many issues that will take years to resolve through court decisions. I am planning to attend a seminar on the bill soon, and will probably attend several more this year. There is no benefit to a fast analysis six months before the bill's effective date. Some people want to be the first to publish information about the bill as if being first to deliver the news is of some benefit. What is most important is to understand and process the law's changes in a thoughtful manner. People who rush to change asset protection plans may be making hasty mistakes. Keep in mind, as previously stated on this blog, the new bankruptcy law does not change Florida's homestead law or asset exemptions in state court proceedings. The changes are important only if a debtor files bankruptcy.
