North Dakota: Bankruptcy lawyers

Bankruptcy is a process that is governed by federal law, supervised by bankruptcy court, which allows individuals to seek relief from overwhelming debt and obtain a new financial start. An individual that cannot repay their debts when they become due, files for bankruptcy, following a legal framework that resolves debts and determines how creditors will be paid. A bankruptcy attorney can help determine which one is right, based on your situation. Some types of bankruptcy proceedings include:

• Chapter 7 bankruptcy
• Chapter 11 bankruptcy
• Chapter 13 bankruptcy

There can be various consequence for filing for bankruptcy. However, the impact is not permanent. Given time, and responsible financial management, an individual can rebuild positive financial standing. Common consequences for filing for bankruptcy include:

• Impact on credit score
• Difficulty obtaining credit
• Potential loss of assets
• Public record of filing
• Impact of future financial opportunities

The assets that you can keep in bankruptcy depend on the type of bankruptcy you file and the state you live in, determining exemption laws. Exemption laws define types and amounts of property that can be protected from seizure to repay creditors. Exemption laws do have limitations. Consulting with a bankruptcy attorney can help you understand what is best for your situation and which assets you can keep.

Through bankruptcy, a debt that you are no longer liable for repaying is considered discharged. Discharged depts vary with the type of bankruptcy you file and the laws and regulations in your state. Not all debts can be discharged, and some have certain requirements that must be met. Common types of debt that may be discharged are:

• Credit card debt
• Medical bills
• Personal loans
• Utility bills
• Tax debts
• Civil judgments
• Repossessions or foreclosure deficiencies

Consider the following when contacting a law firm and determining which lawyer to work with:

Comfort Level

- Are you comfortable telling the lawyer personal information? How do you feel when speaking with the attorney?

Credentials

- How long has the lawyer offered legal advice to clients in bankruptcy cases in North Dakota? Has the lawyer handled cases before the U.S. Bankruptcy Court?

Cost

- Is the attorney affordable for your price range? Can the lawyer estimate the cost of your bankruptcy filing, including filing fee?

City

- Is the lawyer's office conveniently located near you?