North Dakota bankruptcy information and laws outline the way in which you can discharge your debts by filing bankruptcy. Before entering the bankruptcy process, make sure you understand what you will face.

Bankruptcy Exemptions

Exemptions refer to the items you are allowed to keep when filing bankruptcy in North Dakota. The current exemptions are as follows:

• Up to $100,000 for the homestead
• Up to $7,500 exemption in lieu of homestead
• Church pew
• Family pictures, Bible, library, and school books
• Burial ground
• Fuel and provisions for one year
• Up to $5,000 in clothing
• Up to $2,950 for your vehicle
• Insurance benefits on any exempt property
• Up to 160 acres of land and the crops and grain raised there
• Life insurance cash value
• Life insurance proceeds to the decedent’s estate or to a related beneficiary
• Wrongful death awards necessary for support
• Up to $100,000 per account or $200,000 total for qualified pensions
• Up to $18,500 for personal injury payments
• Social security and other public benefits, awards, or pensions
• Up to $2,500 of personal property for an individual, $5,000 for a household
• Up to $1,500 for tools of the trade
• Up to $1,000 for household and kitchen furniture
• Up to $1,500 for musical instruments and music books
• Up to $500 for any personal property
• Up to $4,500 for livestock and farm implements
• Aid to dependent children
• Public compensation

If you wish to keep your car by continuing to pay what you owe on it, you must reaffirm the debt within 45 days of the 341 meeting.

Chapter 7 Bankruptcy Information

If your goal in bankruptcy is to totally wipe out your debts and rebuild your finances, try to file Chapter 7. This will remove most of your debts. You will need to pass a means test, or income qualification, to file this form of bankruptcy.

Chapter 13 Bankruptcy Information

If you have stable income with some disposable income and do not qualify for Chapter 7, you will need to file Chapter 13. Under this form of bankruptcy, you will need to follow a court supervised repayment plan over a period of three to five years. You can keep your assets during the repayment plan timeframe.