A Chapter 13 bankruptcy is the only choice if you are behind on your mortgage or business payments and you want to keep your property, either in North Dakota or another state, at the end of the bankruptcy process. A chapter 13 bankruptcy allows you to make up their overdue payments over time and to reinstate the original mortgage agreement. In North Dakota, the lenders generally go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. A complaint is filed in District Court along with what is known a lis pendens. The North Dakota Bankruptcy Court upgraded to the Next Generation (NextGen) of CM/ECF on June 22, an in-person examination of the debtor is required to ensure the completeness of the meeting or protection of estate property, the U.S. Trustee may approve the continuation of the section meeting to an in-person meeting in a manner.
Simply evaluate the North Dakota exemptions listed below and claim them if they apply to you. However, if you have qualifying assets, you will also want to take the federal nonbankruptcy exemptions into consideration in addition to the state-specific structure. After you file bankruptcy, the bankruptcy court will assign a trustee to your case.
If you are filing as a single individual, you can skip ahead to the next section. One exemption that married couples may not double is the North Dakota homestead exemption. This residence may be a house, house trailer, or mobile home. Unless otherwise noted, you can exempt the following personal property up to its full value:. Crops — threshed or unthreshed up to acres, if these acres are where the filer lives.
North Dakota law is more generous when it comes to exempting public benefits, retirement accounts, life insurance proceeds, and other monetary assets than it is regarding personal property. Unless otherwise noted, filers may exempt the following monetary benefits and assets up to their full amount:.
Life insurance proceeds that are payable to an estate and not to a specific beneficiary. You can take advantage of this opportunity even if you plan to file your bankruptcy case on your own. In addition to providing the public with access to hundreds of bankruptcy-related guides and articles for free on our website, we help eligible individuals file for Chapter 7 bankruptcy at no cost.
Kassandra Kuehl. Take our bankruptcy screener to see if you're a fit for Upsolve's free web app! Congress recognized that debt relief is important not just for the individual or couple who has fallen on hard times, but for society as a whole.
Ending the struggle allows the debtor to rebuild and make a positive contribution to the local and national economy. In a Chapter 7 bankruptcy case, a qualified debtor can usually discharge — or legally eliminate the obligation to pay — most unsecured debt. Unsecured debt includes things like credit card debt, payday loans, medical bills, old utility bills and signature loans. In most Chapter 7 cases, an automatic stay is entered as soon as the petition is filed. The automatic stay prohibits most creditors from pursuing any collection action against the petitioner while the case is pending.
That means:. Virtually all collection action stops immediately — even lawsuits that are already underway and foreclosure sales that are already scheduled. Creditors who violate this court order may be punished by the court.
In extreme cases, they may even have to pay compensation to the debtor. Most Chapter 7 bankruptcy petitioners never even go before a judge. If there are no complications, the debtor may receive a Chapter 7 discharge in as little as months, wiping out the obligation to pay unsecured debts. Generally, any debtor whose household income is below the North Dakota median for his or her family size is eligible for Chapter 7 bankruptcy protection.
Those whose allowable living expenses are high in comparison with their income will often qualify despite having incomes above the median. Median income figures are updated every year. As of December , the median income figures for North Dakota are:. A local bankruptcy attorney can crunch the numbers in advance of filing and provide an educated assessment of eligibility.
Bankruptcy exemptions protect certain types of property from creditors. Some states allow a bankruptcy petitioner to choose between the state exemptions and federal exemptions, but North Dakota does not.
This amount is not doubled when a couple files a joint petition, though married couples can double many other exemptions if they both own the property.
The exemption may also be applied to a mobile home.