State of North Dakota Economy:

Agriculture and food processing is North Dakota’s top industry. After a boom in the state’s economy after oil was discovered in the Watrford City area, for a brief time North Dakota was the 2nd largest oil producing state behind Texas.

North Dakota Bankruptcy Court Locations:

United States Bankruptcy Court
655 1st Ave. North #210
Fargo, ND 58102

North Dakota Bankruptcy Exemptions:

⦁ Homestead exemption. Up to $100,000 of equity in your home, house trailer, or mobile home. Married couples filing jointly cannot double this exemption. (§§ 28-22-02(10), 47-18-01)
⦁ Personal property. Bible or other religious book, schoolbooks, other books, burial plots and church pew, wearing apparel to $5,000 and all clothing of the debtor and his or her family, crops or grain where the debtor lives, up to 160 acres, food and fuel to last one year, health aids, insurance proceeds for exempt property, personal injury and wrongful death recoveries to $15,000. (§§ 28-22-02 through 28-22-05)
⦁ Motor vehicle exemption. Up to $2,950 of equity in a motor vehicle, including a car, van, motorcycle, or truck. If you have modified the vehicle to accommodate your disability, you can exempt up to $32,000.
⦁ Pensions. ERISA-qualified benefits, IRAs, Roth IRA and Keoghs to $100,000 per plan. You can exempt more if you need the money for your support. The total exemption for all accounts cannot be more than $200,000 (§ 28-22-03.1(7); however, tax-exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans) are also protected by federal law; disabled veteran’s benefits (other than for military pay) (§ 28-22-03.1(4)(d)); public employee’s deferred compensation (§ 54-52.2-06); public employee’s pensions (§ 28-22-19(1)).
⦁ Public benefits. Crime victims’ compensation (§§ 28-22-03.1(4), 28-22-19(2)); old-age and survivor insurance program benefits (§ 52-09-22); public assistance (§ 28-22-19(3)); Social Security (§ 28-22-03.1(8)(a)); unemployment compensation (§ 52-06-30); veteran’s disability benefits (§ 28-22-03.1(8)(b)); workers’ compensation (§ 65-05-29).
⦁ Tools of the trade. Tools, books, and implements used in your trade or profession up to $1,500. (§ 28-22-03.1(3))
⦁ Life insurance. Fraternal benefit society benefits (§ 26.1-15.1-18); unmatured life insurance contract other than credit life insurance (§§ 26.1-33-40, 28-22-03.1(4)); life insurance proceeds that are payable to the estate and not to a specific beneficiary (§ 26.1-33-40); life insurance surrender value up to $8,000 per policy, if the beneficiary is the insured’s dependent and the insured owned the policy for at least one year prior to filing for bankruptcy (you can exempt more if you need the money for support) (§ 28-22-03.1(5)).
⦁ Miscellaneous. Alimony, child support, and maintenance payments. (§§ 14-09-09.31, 28-22-03.1(8)(d))
⦁ Wildcard. $7,500 of any personal property if you are the head of a household (§28-22-03); $3,750 of any personal property if you are single and do not have dependents (§28-22-05); ($10,000 of any property if you don’t use the homestead exemption (§28-22-03.1(1)).