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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
The New Bankruptcy: Its Effect on North Dakota
The bankruptcy law changes were felt across the nation, and North Dakota, although a state with historically low filing rates, was no different. Thanks to the modifications to the bankruptcy laws in 2005, filing is now more expensive, time consuming, and difficult to qualify for (particularly for Chapter 7). Add these factors together and it’s also a lot less appealing too.
For people in North Dakota who earn more than the median in the state, it ultimately means that you may be forced into Chapter 13 bankruptcy. Under this plan, a court-appointed trustee takes your monthly payment for a time frame of three to five years, distributing it to your creditors until the debt is either paid off or discharged. Meanwhile, your credit report is still scarred with a bankruptcy mark.
The following is median income information for North Dakota as of 2006:
2-person families: 48,511
3-person families: 59,607
4-person families: 67,560
5-person families: 65,494
6-person families: 63,817
7-or-more-person families: 58,969
Due to the changes in the law, more consumers are seeking innovative alternatives to bankruptcy like credit card settlement & negotiation services to get out of debt. To learn more about your options, submit a form and PayingPaul.Com will match you with a debt professional for a free consultation.
North Dakota Bankruptcy Filings
2004: 2,203
2005: 3,444
2006: 711
North Dakota also had a surprising reduction in the number of filings in 2006. When one takes into consideration the passing of the new bankruptcy laws in 2006, the 79.3% fall makes a lot more sense. The bankruptcy changes basically made declaring Chapter 7 difficult to qualify for if you earned above average income. With Chapter 13 the only other option available, more consumers decided to seek out other debt solutions for help.
For more information about North Dakota debt matters, check out these pages:
North Dakota Consumer Credit Counseling Services
North Dakota Bankruptcy Laws
North Dakota Debt Collection
The New Bankruptcy: Its Effect on North Dakota
The bankruptcy law changes were felt across the nation, and North Dakota, although a state with historically low filing rates, was no different. Thanks to the modifications to the bankruptcy laws in 2005, filing is now more expensive, time consuming, and difficult to qualify for (particularly for Chapter 7). Add these factors together and it’s also a lot less appealing too.
For people in North Dakota who earn more than the median in the state, it ultimately means that you may be forced into Chapter 13 bankruptcy. Under this plan, a court-appointed trustee takes your monthly payment for a time frame of three to five years, distributing it to your creditors until the debt is either paid off or discharged. Meanwhile, your credit report is still scarred with a bankruptcy mark.
The following is median income information for North Dakota as of 2006:
2-person families: 48,511
3-person families: 59,607
4-person families: 67,560
5-person families: 65,494
6-person families: 63,817
7-or-more-person families: 58,969
Due to the changes in the law, more consumers are seeking innovative alternatives to bankruptcy like credit card settlement & negotiation services to get out of debt. To learn more about your options, submit a form and PayingPaul.Com will match you with a debt professional for a free consultation.
North Dakota Bankruptcy Filings
2004: 2,203
2005: 3,444
2006: 711
North Dakota also had a surprising reduction in the number of filings in 2006. When one takes into consideration the passing of the new bankruptcy laws in 2006, the 79.3% fall makes a lot more sense. The bankruptcy changes basically made declaring Chapter 7 difficult to qualify for if you earned above average income. With Chapter 13 the only other option available, more consumers decided to seek out other debt solutions for help.
For more information about North Dakota debt matters, check out these pages:
North Dakota Consumer Credit Counseling Services
North Dakota Bankruptcy Laws
North Dakota Debt Collection