North Dakota Bankruptcy Laws

North Dakota bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. North Dakota bankruptcy district courts are located in four places – Bismark, Fargo, Grand Forks, and Minot.

Properties Exemptions Under The North Dakota Bankruptcy Laws

As per the North Dakota bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the North Dakota bankruptcy district courts.

•The properties included under Homestead Exemptions include real property, house trailer or mobile homes. The maximum amount exemptible in this regard is eighty thousand dollars.
•Insurance Exemptions
•Personal properties exemptions
•Pension funds are also allowed to be exempted under the North Dakota bankruptcy laws. The pension exemptions include Disabled veterans’ benefits, but except military retirement pay.
•Other pension exemptions include ERISA-qualified benefits, IRAs and Keoghs up to 100,000 dollars per plan.
•Exemptible personal properties are as follows.
◦Bible, books, clothing, and family portrait and pictures are exempted up to one hundred dollars in total value.
◦You can also claim to exempt cash up to 7500 dollars, but as per the North Dakota bankruptcy laws that is allowed only in lieu of homestead.
◦The maximum exemptible amount for motor vehicle is twelve hundred dollars.
◦The North Dakota bankruptcy laws have also included Personal injury recoveries as exemptible property. The maximum amount you can exempt in this regard is 7500 dollars.
◦Likewise, you can also exempt any amount related to Wrongful death recoveries up to 7500 dollars.
◦If you are not claiming crops or grain under personal properties exemptions, you may claim to exempt 5000 dollars of any personal property if you are the head of the family, or 2500 dollars if you are Non-head of household.
•Exemptible public benefits include Workers’ compensation, Vietnam veterans’ adjustment compensation, Unemployment compensation, Social security, Crime victims’ compensation, and AFDC.
•Wild Card exemptions have been covered under the personal property exemptions as per the North Dakota bankruptcy laws.