The North Dakota Bankruptcy Laws is uniquely designed to structure the relief measures with powerful protection mechanism.
The well organized relief measures are uniquely designed to enable effective discharge of debts.
A large amount of vehicle equity can be protected using the North Dakota Exemption mechanism.
The rules further provide that the trustee is obligated not to resell his vehicle if the amount of vehicle equity is less than the vehicle exemption.
The exemption rules provided under the North Dakota Bankruptcy Laws play a pivotal role in determining for repayment to unsecured creditors.
Bankruptcy under North Dakota Laws- Common Property mandate
The North Dakota Bankruptcy Laws provides guidance relating to the common ownership of property and rules of equitable distribution among the spouses.
Here are some points regarding handling of property in case of bankruptcy:
- Determining the nature of property as part of bankruptcy proceedings
- Determining whether debts are discharged
- Taking account of certain considerations under the legal mandate for married couples
- Taking account of certain legal provisions