ND Bankruptcy Laws
The North Dakota bankruptcy laws have been written so debtors may receive a discharge of their debts so that they may begin working on rebuilding their financial life without the burden of their old debts that they are unable to repay causing stress.
The North Dakota bankruptcy laws allow a debtor to file under chapter 7 or chapter 13.
Chapter 7 is the most common chapter. Chapter 7 is a liquidation bankruptcy and if you file chapter 7 all of your assets that are not protected by the bankruptcy exemptions must be turned over to be liquidated. However the vast majority of debtors filing chapter 7 have no assets that are not protected by the bankruptcy exemptions and chapter 7 gives a fresh financial start without losing any of your assets.
Chapter 13 is a reorganization bankruptcy and allows debtors to pay off their debts, or a portion of their debts, over a three to five year period by entering into a repayment plan with your creditors.
To learn more about the North Dakota bankruptcy laws, including the differences between chapter 7 and chapter 13 don't hesitate to contact one of our local bankruptcy attorneys and schedule a free consultation meeting.