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  1. 1. Bankruptcy A Chapter 7 Primer Presented by the  Nash Law Firm
  2. 2. Initial Consultation <ul><li>The The Need     </li></ul><ul><li>Nobody wants to file bankruptcy so it is important to determine if there are other options available to deal with your debt problems without the need for bankruptcy. </li></ul><ul><li>The Timing </li></ul><ul><li>Once it is determined that bankruptcy is it, it is equally important to determine the timing of the bankruptcy.  If filed too soon, certain debts may not be discharged.  Filed too late, any newly obtained or created assets or income become subject to the bankruptcy. </li></ul>
  3. 3. Information Needed <ul><li>Information Needed </li></ul><ul><li>We need a detailed list of your assets and liabilities.  You can provide that information online by clicking the following link: </li></ul><ul><li>Asset/Liability Information Form </li></ul>
  4. 4. Past and Future Events <ul><li>We will seek information about past and future events that could impact your bankruptcy. </li></ul><ul><ul><ul><ul><li>Have you given away assets? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Have you sold assets? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Are you expecting an inheritance? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Are you expecting to be sued? </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Are you expecting to sue? </li></ul></ul></ul></ul>
  5. 5. The Bankruptcy Plan <ul><li>We will advise you about your options and  </li></ul><ul><li>whether you can proceed with a bankruptcy. </li></ul><ul><li>  </li></ul><ul><ul><li>Do you qualify for a Chapter 7 bankruptcy? </li></ul></ul><ul><ul><li>Will a sale of property avoid the need for a bankruptcy? </li></ul></ul><ul><ul><li>Is it possible to renegotiate debt with creditors to avoid bankruptcy? </li></ul></ul><ul><ul><li>When is the best time to file bankruptcy?  </li></ul></ul>
  6. 6. The Bankruptcy Petition/Schedules <ul><li>The Petition and  Schedules  to be filed are about 30 pages long. </li></ul><ul><ul><li>Nash Law firm will prepare the documents from the information you have given to us.  If anything has changed since you provided the information to us, immediately inform us of the changes. </li></ul></ul><ul><ul><li>You will have to review these documents very carefully to make sure the information is correct and complete.  Make sure all of your debts are listed. </li></ul></ul><ul><ul><li>We will advise you about your options and whether you can proceed with a bankruptcy.   </li></ul></ul>
  7. 7. List All Debts <ul><li>Only debts listed will be dealt with in the bankruptcy </li></ul><ul><ul><li>Don't forget personal guarantees; </li></ul></ul><ul><ul><li>Don't forget debts that you have co-signed;  </li></ul></ul><ul><ul><li>Don't forget loan foreclosures that did not release you from the unpaid debt.  </li></ul></ul>
  8. 8. After the Filing of the Petition <ul><ul><li>The  Automatic Stay  will immediately take effect to stop creditors from continuing collection efforts. </li></ul></ul><ul><ul><li>The Bankruptcy Court will send out notices to the creditors listed in you Petition and   Schedules . </li></ul></ul><ul><ul><li>A Bankruptcy Trustee will be assigned to review your Bankruptcy to ensure that you qualify and that the information provided is accurate and complete. </li></ul></ul>
  9. 9. The Creditors Hearing <ul><li>About The Hearing </li></ul><ul><li>The Bankruptcy Court will send out a notice stating the time and date of the  Creditors Meeting . </li></ul><ul><li>The   Creditors Meeting   normally will take  place approximately 30 to 60 days after the filing of the Bankruptcy Petition. </li></ul><ul><li>This is an informal proceeding.  While you will  be sworn in, there is no judge presiding over the process, you will be asked questions. The entire process often lasts less than 15 minutes. </li></ul>
  10. 10. The Creditor's Hearing <ul><li>At The Hearing </li></ul><ul><li>The   Trustee   may require that you provide documentation or proof to support information you provided in your Bankruptcy Petition (pay stubs, taxes or other documents). </li></ul><ul><li>In most cases no creditors appear at the Creditors Meeting.  When they do appear they often attempt to enter into a Reaffirmation Agreement with you. </li></ul><ul><ul><ul><li>One of our attorneys will attend the Creditors Meeting with you. </li></ul></ul></ul>
  11. 11. The Bankruptcy Discharge <ul><li>The Bankruptcy Court will issue a Notice of Bankruptcy Discharge of the Debtor approximately 2 to 3 months after the Creditors Meeting. </li></ul><ul><ul><li>The Discharge of Debtor will state that all of your debt that can be discharged is discharged. </li></ul></ul><ul><ul><li>We will mail, fax or e-mail a copy of the Discharge to you. </li></ul></ul>
  12. 12. Effect of Discharge of Debtor <ul><li>Creditors whose debt has been discharged can no longer ever attempt to collect on the debt. </li></ul><ul><li>Debt that you have entered into a reaffirmation agreement survives the bankruptcy.  Creditors can attempt to collect debt if you don't keep this debt current. </li></ul><ul><li>Creditors whose debt has not been discharged can attempt to collect on the debt. </li></ul>
  13. 13. Financial Freedom! <ul><ul><li>Place your bankruptcy documents in a safe place because you will need to be able to produce them at various times over the next few years. </li></ul></ul><ul><ul><li>Prepare a budget of monthly income and expenses so that you spend within your means. </li></ul></ul><ul><ul><li>Obtain a copy of your credit report to make sure that creditors have reported the discharged debt as discharged and not delinquent. </li></ul></ul><ul><li>Consider talking to an experienced financial planner. </li></ul><ul><li>A good plan today will help avoid the pain and stress of economic uncertainty in the future. </li></ul>
  14. 14.   The foregoing is not intended to constitute legal advice for any specific circumstance, but is intended to reflect broadly applicable principles, under Minnesota law, relevant to a typical situation. Before proceeding in reliance upon this or any other general description of law, consult with an attorney. Copyright 2010 Nash Law Firm                    763.862.6100                 
  15. 15. Schedule a Bankruptcy Consultation <ul><li>Are you being harassed by creditors? </li></ul><ul><li>Are you afraid to answer the telephone or read the mail? </li></ul><ul><li>Do you go to bed and wake up worrying about your finances? </li></ul><ul><li>Schedule a bankruptcy consultation with a Nash Law Firm lawyer today.  Together we will go through your finances to create a financial plan so that you can relieve the financial pressure and begin to recover.  Your plan may be to immediately file bankruptcy, to plan for a future bankruptcy or to attempt to avoid bankruptcy. </li></ul><ul><li>Call 763-862-6100 today.    </li></ul>