We are proud members of the following community organizations: Anoka County Bar Association  Anoka County Area Chamber of Commerce   Metro North Chamber of Commerce   North Metro Realtors Association   North Suburban Business Network   Suburban Northwest Builders Association   Anoka County Judicare   North Indoor Soccer   NL  E-MAILING LIST Each month we send out a newsletter that focuses on real estate information, issues, tips, and reminders. If you'd like to be on our NL Real Estate E-Mailing List, please sign up below. Join Our Mailing List Email:   Nash & Lodge News Bankruptcy Filings Hitting Middle America! In 2005 Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act that made bankruptcy a more complicated and expensive option for debtors.  It was intended to discourage abuse of the bankruptcy system and to steer a greater percentage of bankruptcies to Chapter 13 (reorganization) rather than Chapter 7 (liquidation).  In 2006 the bankruptcy filings fell to 600,000.  Since then the number of bankruptcies have steadily increased and in 2009 they soared.   For the last 10 months, there have been over 100,000 bankruptcy filings each month.  For all of 2009 there were 1.4 million bankruptcy filings, a 32 percent increase over 2008!  chapter 7 filings have increased 42 percent while Chapter 13 filings have increased only 12 percent.  So while the bankruptcy reform has made it more expensive and more difficult for debtors, it has not prevented this surge of filings and the increase in filings is much greater for Chapter 7 filings than for Chapter 13. The face of the person filing bankruptcy today might surprise you.  In our bankruptcy practice the typical client has always paid their bills, has always had a good job or business, has a lot of credit card debt and owns a nice home that, unfortunately, is worth less than what they owe on their mortgage/s.  They never believed that they would face the possibility of losing their job or business and, certainly, never dreamed of a day that they would have to consider filing bankruptcy.  In other words, the typical bankruptcy client we see today is a middle to upper-middle class person. The reality is that many middle class Americans are being laid off, having their work week reduced or simply have had their pay reduced.  If they own a business, the business is struggling to stay afloat much less pay them what they have always been paid.  Most have known for quite some time that they should file bankruptcy but they just could not bring themselves to do it.  They have exhausted every avenue to try to survive the recession without filing bankruptcy but have finally run out of options.  Unfortunately, waiting until you have exhausted all other options can have devastating consequences.  Many people are using assets to avoid bankruptcy that they could have kept even if they went through bankruptcy.  If they now must still file bankruptcy they are going to be much worse off than if they had not spent the protected asset.  Many people have options available to them that gives them a chance of avoiding bankruptcy but do not take it because they were not aware that of it.  In many cases, the timing of the bankruptcy can play an important role in how the bankruptcy will effect someone. The bottom line is, that many people who could never of imagined themselves facing a potential bankruptcy, in fact, are in that position today.  They are embarrassed and feel that they did something wrong and are the only ones in this situation.  They are under an incredible amount of stress and are in danger of making bad decisions that are going to impact the rest of their lives.  Their is no need to be embarrassed, this is a national problem and you are far from being alone. You can't beat yourself up because it won't help you go forward and who could have predicted the most severe economic situation since the Great Depression?  It is a tremendously stressful situation to be in but you have to recognize that the stress you are feeling will not help you make good decisions.  In fact, it has been my experience that no matter how much money you have or had, no matter how smart you are, when you are under incredible stress, bad decisions will be made.  The economic problems facing middle class Americans today are extremely complicated.  It is a income problem, a credit card debt problem, a budget problem, a real estate problem, a legal problem and a estate planning problem. The solution to one of the problems has the potential make the other problems much worse.  There are many hidden traps for the unwary.  Even without the stress that you are feeling it is almost impossible for anyone to knowledgeably navigate through all these potential issues.   Our experience is that your stress level goes down considerably once you seek the help of experienced and knowledgeable professionals who will work together to get you through this crisis so that you can get back on your feet again.  While you may not need each of these professionals in your specific situation, the following are some of the professionals you may need advice from to help you go forward again: tax accounts, attorneys, financial planners and Realtors.  Make sure that the professionals that you chose are experienced, knowledgeable about today's issues and have a great reputation.  It is also vital that the professionals that you hire are able and willing to work together to formulate a plan that is in your best interests since each issue and its resolution can negatively impact you in a different area.  The professionals you use must help you balance the potential consequences of each solution to arrive at an overall solution that best fits your goals and situation.   Bankruptcy is one of the potential solutions that has to be part of your overall plan so that it doesn't do mare harm than good.  It is stressful enough to have to go through the economic turmoil that everyone is facing, it is devastating if you turn to solutions that are unnecessary, poorly timed, don't solve all of your issues or actually make your situation even more dire.  Seek the advice of reputable professionals who you trust to guide you through the many issues that you need to navigate through.  The earlier you seek this advice, the better you will feel and the more options there will be to put you into a better position.                   Flat Fee Billing is Here! What is the greatest fear people have when they consider hiring an attorney?  Simple, the potential cost.  Law firms traditionally bill at an hourly rate.  The more time spent, the higher the cost.  The more obstacles encountered, the higher the bill.  The more you talk to your attorney, the higher the cost.  The fear of what the bill might end up to be is often enough to prevent potential clients from hiring an attorney even though they know that they were faced with a legal problem. People have turned to software, the internet or non-legal companies to deal with legal problems.  Do they really think that the software, the internet or the non-legal companies really provide the same expertise that an experienced lawyer would provide?  I don’t think so and, in fact, in almost every case there is a disclaimer that the software, the internet site or the non-legal company are not providing legal advice.  If they aren’t providing you with legal advice you are simply rolling the dice that there are not legal issues that need to be dealt with.  It would be like going to a non-doctor for a medical problem.  The non-doctor can treat your problem but since they are not a doctor they can’t provide medical advice.  If they can’t provide medical advice how do you know that their treatment is appropriate?  Legal problems are no different.  You have to understand the law in order to deal with legal problems or to avoid future legal problems. Why are people avoiding lawyers and rolling the dice with non-lawyers?  Because they fear the potential cost.  In many cases the fee charged by the non-lawyer is actually higher than the cost that would have been charged by a lawyer but since the lawyer bills on an hourly basis, the potential client can only assume the worst case scenario which would result in a cost that is much higher than the charged by a non-lawyer.  In order to address this fear and to encourage potential clients to hire us to avoid problems and/or to deal with problems before they ripen into an expensive quagmire, we are committed to providing our clients with flat fee billing options.  There may be some cases where that is not possible and you may decide that you prefer the traditional hourly billing but our goal is to provide you with options so you can chose the option the best fits you needs.          Facing a Foreclosure, Looking for a Loan Modification or a Short Sale or Simply Worrying About Your Future? In these troubled times, everyone is one unexpected event away from a major economic problem.  It could be a loss of a job or income, illness, a bad mortgage, divorce or any event that forces you to sell your home in a market where the values continue to fall.  At Nash & Lodge we want to help you plan your life so that you can survive that unexpected event.  Ignoring the possibility of trouble, ignoring trouble when it arises or chasing an option that is not going to work are recipes for disaster.  There are no short cuts or easy answers.  You need to seek advice from experienced, knowleagable and trust worthy sources.  Our attorneys have between 15 and 30 years of experience.  We don't advertise in the yellow pages becuase the vast majority of our work comes from referrals and repeat business. We would like to sit down with you, look at your whole situation and come up with a plan that will allow you to take back control over your life.  We call this plan the Life Home Security Plan becuase we strongly believe that our lives revolve around our homes.  It is often our major expense, its location determines the cost of our commute, the schools our children attend and the ease of access to the amenties we cherish.  As a result, our first goal is to make your home as safe as possible from unexpected risk.  Our second goal is to come up with back-up plans so that if the unexpected occurs you already have a plan to deal with the new issues you are facing.   We have many flat fee options so that you don't have to worry about what the fees might end up to be.  Call today or e-mail us at nash@nashandlodge.com to set-up an appointment today. So that people can better understand the many possible problems that people are facing today, the professionals that may be needed to deal with these problems and the possible solutions we have created a number of web pages that you can review:  Life Home Security Plan; Life Home Security Building Blocks; Short Sale Scenarios; Foreclosure Purchase: Issues, Risks and the Process.  In addition, we have hosted, and will continue to host, seminars to educate the public about the many issues concerning real estate in today's confusing world.  You can read about and/or register for our next seminar on the Real Estate in an Upside Down World Seminar webpage.      Real Estate in an Upside Down World Seminars    For the last two years the Twin Cites and the country have both experienced a record number of foreclosures.  Over the last year the problem has spread across the suburbs and suburbia.  With our overall economic problems it is hard to see this problem going away any time soon.  Home values across the board have dropped 20 to 40 percent.  When homeowners are having trouble paying their mortgage or need to sell their home for any reason, they need to know their options.  While everyone is being bombarded with information, much of it is confusing or down right wrong.      For the last two years the Twin Cites and the country have both experienced a record number of foreclosures.  Over the last year the problem has spread across the suburbs and suburbia.  With our overall economic problems it is hard to see this problem going away any time soon.  Home values across the board have dropped 20 to 40 percent.  When homeowners are having trouble paying their mortgage or need to sell their home for any reason, they need to know their options.  While everyone is being bombarded with information, much of it is confusing or down right wrong.   As a result, Nash & Lodge decided to host a seminar to help answer the questions that homeowners and buyers have when dealing with a bad economy and an upside down real estate market.  Liberty Title, a Twin City title company has come aboard as a primary sponsor and a number of other individuals and companies have likewise stepped up to sponsor the event. We call the event the "Real Estate in an Upside Down World Seminars".  Our plan is to hold this seminar at locations throughout the metropolitan area.  Our speakers are all well-known, real estate attorneys.  A number of non-profit organizations will have a booth at the event to provide homeowners with information as to options available to them.  We also will have an Exhibitor Hall for companies to market their services relating to buying and selling homes in these tough economic times.  We will not only talk about the many issues facing anyone who owns or wishes to purchase real estate in a declining market, we will offer you solutions.  Many people find themselves paralyzed by what seem like insurmountable, complex problems but the problems do not get solved by inaction.  The first step forward is to attend our next seminar so you can see there is light at the end of the tunnel.  We can help you formulate a plan to move forward again and to take charge of your situation.    So far we have held three Real Estate in an Upside Down World Seminars:  Saturday, January 24, 2009 at the Bunker Hills Activity Center, Saturday, March 7, 2009 at the Rogers Community Center and June 24, 2009 at the Fred Moore Middle School in Anoka.  We are presently planning our next Real Estate in an Upside Down World Seminar.    This event is open to anyone who owns a home or other real estate or wished to purchase real estate in the present economic environment.  It does not matter whether your home is upside down or not, everyone needs to understand the issues that are facing real estate property owners or buyers.  Unless you know what options are available to you you cannot make the right choice.  Don't make the same mistake so many made before of buying or selling without understanding the risks involved or how they can be prevented or better managed.  Don't sign documents that you really don't understand.  Come to a Real Estate in an Upside Down World Seminar to learn from well known, experienced professionals of all different areas that may involve your real estate situation.   NL Attorneys Speaking on Real Estate Issues at Minnesota Land title Association Convention  On August 14, 2009, Steve Nash was one of the featured speakers at the Minnesota Land Title Association held at The Depot in downtown Minneapolis.  Steve was a speaker and the moderator of a panel of speakers that included Mark Allen the CEO of the Minneapolis Realtors Association and Carolyn Olson, CEO of Greater Metropolitan Housing Corporation.       NL Articles The attorneys of Nash & Lodge have written numerous articles regarding timely topics effecting professionals and consumers.  For consumers go to the NL Legal Center for Consumers web page.  For professionals go to the NL Legal Center for R.E. Professionals web page.  For information and resources relating to creating or operating a business go to the NL Legal Center for Business.  The articles and information are grouped by alphabet and topic.  If you are interested in a particular topic that is not addressed or you want updated, please send us an e-mail request.  Most of the articles were written in response to such requests.  NL Seminars Nash & Lodge presents numerous seminars throughout the year for consumers and professionals.  The seminars for professionals often are certified for professional education credit.  The cost of our seminars are low and, at times, are free.  We have presented seminars throughout the Twin City area on a wide variety of topics.  If you are interested in attending a seminar or sponsoring a seminar, go to the NL Seminar web page.      Nash & Lodge Offers the Following Legal Services Real Estate Commercial Residential Buyers/Sellers Business Business Entity Creation (LLC's, Incorporations, etc.) Management Issues Employer Employee Issues Bankruptcy  Individual Corporate Dispute Resolution Mediation Litigation Arbitration Estate Planning/Probate Wills/Trusts Healthcare Directives Power of Attorneys Creditor/Debtor Rights Representing Banks Reoresenting Borrowers Creditor Remedies Mortgage Foreclosures Garnishments Mechanic Lien Foreclosures Landlord/Tenant Representing Landlords Drafting Leases Reviewing Leases Evictions