Our elite bankruptcy lawyers in North Dakota can help you whether you have personal or business debt from overdue credit card bills, medical bills, business expenses, or taxes. As long as the debt is unsecured (not backed by assets), then there is no amount too big or too small for our attorneys to handle.
Search our site to find profiles on the state’s top lawyers who will assist you with your bankruptcy claim. Call today to set up an initial appointment to be on the road to being debt free.
North Dakota Bankruptcy Facts
Bankruptcy is a federal process in which a debtor declares their inability to reimburse creditors and can obtain either a discharge of all unsecured debt or approval for extra time to pay back creditors on a court-appointed plan. There are several different chapters that can be filed, six to be precise, but Chapter 7 and Chapter 13 are by far the most commonly sought. Each of these chapters results in different outcomes, but that’s where your bankruptcy lawyer can help. Your attorney will review your finances to determine what option is ideal for your needs to ensure swift and successful debt relief.
Learning the Difference Between Chapter 7 and Chapter 13 Bankruptcy Protection
Chapter 7 involves the liquidation of assets in exchange for the discharge of debt. It is the most popular chapter filed in North Dakota because not only can both individuals and businesses petition the court for this chapter, but if approved, debts can be completely wiped out. Proceedings are also quick to resolve, usually lasting only 3 to 6 months. There are also several exceptions to the assets that can be seized by creditors, including the debtor’s home and pension plans.
The other options if you do not qualify for Chapter 7 or if you just don’t like the idea of forsaking your assets is Chapter 13. Known as reorganization bankruptcy, a debtor is placed on a payment plan lasting between 3 to 5 years in order to repay creditors. While no assets are liquidated, only individuals may file, which limits this chapter to consumers only. Yet, it is much easier to be approved for Chapter 13 because a steady income is required in order to be approved for the payment plan.
Working with a Bankruptcy Attorney in North Dakota
If you have been struggling with debt and are tired of creditors getting on your back about paying it off, contact one of our featured North Dakota bankruptcy lawyers for information on how to file for protection and get those creditors to back off. When you have an experienced North Dakota bankruptcy attorney on your side, every aspect of your case will be resolved quickly and favorably, from the completion of all necessary paperwork to discussing debt relief options with creditors.
Regardless of how much debt you owe or what led you to accrue it, trust that our bankruptcy lawyers will not rest until you emerge from your case without the burden of debt to hold you down. Call to schedule a consultation today and discuss your best debt relief options.