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North Dakota Bankruptcy Exemptions
The North Dakota bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in North Dakota. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments, the equity is covered by your exemptions, and you elect to keep making payments on the loan you generally can keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the assets. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in North Dakota you may also use certain federal exemptions in addition to your North Dakota exemptions. |
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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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Homestead
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Real property, house trailer or mobile home to $80,000
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28-22-02(10), 47-18-01
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Insurance
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Fraternal benefits society benefits
Life insurance proceeds payable to deceased’s estate, not to a
specific beneficiary
Life insurance surrender value to $100,000 per policy, if beneficiary
is insured’s relative & owned over 1 year before filing for
bankruptcy; no limit if more needed for support; withERISA-qualified
benefits, IRAs and Keoghs exempt under 28-22-03.1 (except pensions for
disabled veterans), total cannot exceed $200,000
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26.1-15.1-18, 26.1-33-40
26.1-33-40
28-22-03.1(3)
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Miscellaneous
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Property of business partnership
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45-08-02
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Pensions
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Disabled veterans’ benefits, except military retirement pay
ERISA-qualified benefits to $100,000 per plan; no limit if more
needed for support; with insurance exempt under 28-22-03.1, total cannot
exceed $200,000
IRAs to $100,000 per plan; no limit if more needed for support; with
insurance exempt under 28-22-03.1, total cannot exceed $200,000
Keoghs to $100,000 per plan; no limit if more needed for support;
with insurance exempt under 28-22-03.1, total cannot exceed $200,000
Public employees
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28-22-03.1(4) (d)
28-22-03.1(3)
28-22-03.1(3)
28-22-03.1(3)
28-22-19(1)
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Personal Property
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1. All debtors may exempt:
- Bible, books to $100 & pictures; clothing
- Burial plots, church pew
- Cash to $7500, in lieu of homestead
- Crops or grain raised on debtor’s tract to 160 acres (64.75
hectares) on 1 tract
- Food & fuel to last 1 year
- Motor vehicle to $1200
- Personal injury recoveries to $7500 (not to include pain and
suffering)
- Wrongful death recoveries to $7500
2. Head of household not claiming crops or grain may claim $5000 of
any personal property or:
- Books & musical instruments to $1500
- Furniture, including bedsteads & bedding, to $1000
- Library & tools of professional to $1000
- Livestock & farm implements to $4500
- Tools of mechanic & stock in trade to $1000
3. Non-head of household not claiming crops or grain, may claim
$2500 of any personal property
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28-22-02(1), (4), (5)
28-22-02(2), (3)
28-22-03.1(1)
28-22-02(8)
28-22-02(6)
28-22-03.1(2)
28-22-03.1(4) (b)
28-22-03.1(4) (a)
28-22-03.1(4) (a)
28-22-03
28-22-04(1)
28-22-04(2)
28-22-04(4)
28-22-04(3)
28-22-04(4)
28-22-05
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Public Benefits
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AFDC
Crime victims’ compensation
Social security
Unemployment compensation
Vietnam veterans’ adjustment compensation
Workers’ compensation
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28-22-19(3)
28-22-19(2)
28-22-03.1(4) ( c)
52-06-30
37-25-07
65-05-29
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Tools of Trade
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See personal property
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Wages
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Minimum 75% of earned but unpaid wages; bankruptcy judge may
authorize more for low-income debtors
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32-09.1-03
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Wild Card
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See personal property
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For more information on filing bankruptcy in North Dakota explore North Dakota Bankruptcy Law.
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