Bankruptcy Blog

Some think of rain and Starbucks when Seattle comes to mind, but many residents think about the piles of debt they have amassed to live in the “Emerald City”.

If you are facing more debt than you could pay off in a five-year period, it may be time to explore the option of bankruptcy.

If you are thinking about filing bankruptcy, it may help to have a clear understanding of what it is. Bankruptcy is defined as, “a legally declared inability or impairment of ability of an individual or organization to pay its creditors.” It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.

In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States.” The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.

For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you plan on filing bankruptcy in Seattle, you need to know the laws as they relate to you in filing a Washington bankruptcy. You will probably need the help of a Seattle bankruptcy attorney who can help you understand how Washington bankruptcy laws will affect your case.

Chapter 7 is the type of personal bankruptcy that is filed most often in Seattle. In Chapter 7, your non-exempt property is liquidated (sold) by a bankruptcy trustee who takes over your property. The proceeds from the sale of your property are then distributed among your unsecured creditors. The benefit for you is that some of your debt is erased.

Chapter 13 is a form of personal bankruptcy that is also often filed in Seattle. With Chapter 13, you get to retain possession and ownership of your assets. Your part is to give some of your future income over a three to five year period to pay back your secured debt.

Chapter 7 is “liquidation” or “straight” bankruptcy. The vast majority of people want to file Chapter 7 because it is possible to have all of your unsecured debts discharged (erased). Unsecured debts are things like medical bills and credit cards.

Another thing that makes Chapter 7 so popular is that even secured debts like your auto and home may be exempt from liquidation. With Chapter 7, nothing is liquidated if you do not have any non-exempt property. This is referred to as a non-asset bankruptcy.

Chapter 13 is referred to as “reorganization”, “debt adjustment” or “rehabilitation” bankruptcy. It is not like Chapter 7. Chapter 13 is a pay back plan called a Chapter 13 plan. It is carried out under Court supervision for three to five years. During this time at least some of your secured debt is paid back.

Chapter 7 is the route that you probably would like to take. Chapter 13, however, may be the best way for you. Chapter 13 is probably the better option if you want to keep property that is not exempt. It is your only way if you are not eligible to file Chapter 7 in Seattle.

You are probably eligible to file Chapter 7 if your income is below the median for a family your size in Washington. If it is over the median you may not be able to file Chapter 7 in Seattle, although in some instances you still can.

Washington state allows you to use either state or federal exemptions when you file Chapter 7. You will have to choose which set of exemptions that you want to use.

So, how do you know if you are eligible to file Chapter 7 in Washington? If you can file Chapter 7, which set of exemptions is best for your situation? How can you tell whether Chapter 7 or Chapter 13 is right for you to file, if you are eligible to file either one?

A Seattle bankruptcy attorney can answer these and any other questions that you may have regarding bankruptcy. The thing to make sure of is that you enlist a Seattle bankruptcy lawyer to advise you.

The reason for this is because Seattle bankruptcy attorneys specialize in the complex area of bankruptcy law. Seattle bankruptcy lawyers work with bankruptcy cases, daily. They are informed about the latest changes and updates to Washington bankruptcy law.

Bankruptcy Home is the website where you can find a Seattle bankruptcy attorney to represent you. Get some information about a Seattle bankruptcy lawyer who offer you a free evaluation of your financial situation, and help you make the right bankruptcy decisions.

Filing bankruptcy in Oregon may be something you have been thinking about recently. With the economy improving at a snails pace, and the employment figures seeing little improvement, many people are facing the same struggles. Mounting credit card debt, threats of repossession and foreclosure. There are tools in the bankruptcy laws that can help you get out of debt and keep your home or car.  Even though it is something that you probably do not want to think about or consider, filing bankruptcy is an option that you may need to look into.

It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, “a legally declared inability or impairment of ability of an individual or organization to pay its creditors.” It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.

In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States.” The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.

For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you plan on filing bankruptcy in Oregon, you need to know the laws as they relate to you in filing an Oregon bankruptcy. You will probably need the help of an Oregon bankruptcy attorney who can help you understand how Oregon bankruptcy laws will affect your case.

Chapter 7 is the most popular type of personal bankruptcy that is filed in Oregon. In Chapter 7, your property that is not exempt is placed in the hands of a bankruptcy trustee. He or she sells (liquidates) your property and the proceeds from the sale are given to your unsecured creditors. The benefit you receive is that some of your debt is erased.

Chapter 13 is a type of personal bankruptcy that is also filed in Oregon. With Chapter 13, possession and ownership of your assets stay with you. In return for this benefit, you have to give some of your future income over a three to five year period to pay back your creditors.

Chapter 7 is liquidation. It is also called “straight” bankruptcy. Most people prefer to file Chapter 7 because it is possible to have all of your unsecured debts discharged (eliminated). Unsecured debts are things like medical bills and credit cards.

Another thing you will like about Chapter 7 is that even secured debts like your auto and home may be exempt from liquidation. If you do not have any non-exempt property, you do not lose anything when you file Chapter 7. This is called a non-asset bankruptcy.

Chapter 13 is reorganization. It is also known as “rehabilitation” bankruptcy. It is unlike Chapter 7. Chapter 13 is a pay back plan over three to five years under Court supervision. During this time you pay back at least some of your secured debts.

Chapter 7 is the way most people want to go. Chapter 13, however, could be a better way for you. Chapter 13 is probably the better plan if you want to keep property that is not exempt. It is also your only way if you are not allowed to file Chapter 7.

You are usually eligible to file Chapter 7 if your income is under the median for a family your size in Oregon. If it is over the median you have to pass the “Means Test”.

The “Means Test” looks at your income and certain expenses. It determines how much “disposable” income that you have. If the test specifies that you have enough disposable income to pay back at least some of your unsecured debts, you cannot file Chapter 7 in Oregon.

Oregon does not allow you to use federal bankruptcy exemptions. If you can file Chapter 7, you have to use the state exemptions that are allowed by Oregon.

How do you find out if you qualify to file Chapter 7 in Oregon? How do you decide whether to file Chapter 7 or Chapter 13, if you are eligible to file both?

An Oregon bankruptcy attorney can help you answer these questions. An Oregon bankruptcy lawyer can answer any other questions that you may have concerning bankruptcy.

It is vitally important that you choose the right attorney to advise you. Family lawyers and those with a general law practice can help you in many ways, but are they right for bankruptcy?

Bankruptcy is what Oregon bankruptcy attorneys know and do. They work with bankruptcy, daily. Oregon bankruptcy lawyers have to stay on top of the latest changes and updates in Oregon bankruptcy law.

BankruptcyHome.com is the website where you will find an Oregon bankruptcy attorney. BankruptcyHome.com can help you find an Oregon bankruptcy lawyer who can help you make the right bankruptcy decisions.

This decision may affect you and your family for the rest of their life. You deserve the best advice possible from an Oregon bankruptcy attorney near you.

California’s economic situation has mirrored the nations, with financial crises in capital markets and bank financing and decreased home prices. If you live in California, you probably have not been immune to these conditions and you may be considering filing Chapter 7 Bankruptcy. If you are facing a financial meltdown, you are not alone. It is estimated that in 2008, over 1.1 million individuals nationwide filed some type of bankruptcy. There is no right answer for determining if Chapter 7 Bankruptcy is the right choice for you, but several indicators may include:

• The inability to pay your bills or the minimum amount on your credit card bills.
• Major financial set back including: divorce, separation, medical emergency or job loss.
• You are facing home foreclosure, wage garnishments, or repossessions of your personal property.
• You can not repay unsecured debt in five years with an aggressive repayment plan.

California Chapter 7 Bankruptcy

California bankruptcy laws are the same as federal bankruptcy laws nationwide. Under federal bankruptcy law, if you meet certain requirements, you may be able to file Chapter 7 Bankruptcy which is a liquidation of your assets. Your personal assets will be turned over to a court appointed trustee, who will be responsible for converting your personal assets to cash and paying your creditors. Bankruptcy laws will determine which creditors are considered priority creditors and will be paid first. Chapter 7 Bankruptcy is a quick and inexpensive way to eliminate unsecured debt. Unsecured debt can include: personal loans, doctor and hospital bills and credit card balances.

Certain types of debt will not be discharged under Chapter 7 Bankruptcy. These debts can include:

• Certain tax claims
• Spousal support or alimony
• Child Support
• Debts from malicious injuries to another person or property
• Certain guaranteed educational loans
• Fines for personal injury while operating a motor vehicle while intoxicated.
• Certain Cooperative housing fees

California Chapter 7 Bankruptcy will take approximately four to six months, require a trip to the court house and the payment of fees for filing and administrative costs.

Under federal bankruptcy law identified in the Bankruptcy Abuse Prevention and Consumer Act (BAPCA) of 2005, you are now required to complete a certified California Credit Counseling course prior to filing bankruptcy. You will also have to meet additional requirements through means testing, to determine if you qualify to file Chapter 7 Bankruptcy in California. Bankruptcy law now makes it more difficult to discharge all of your personal debt through Chapter 7 Bankruptcy. New means testing is used to evaluate your income, expenses and current debt burden to determine if you can pay some of your personal debt. If you fail the means test, you may be able to file Chapter 13 Bankruptcy which will require you to repay a portion of your debt under a three to five year repayment schedule.

Do I need a California Bankruptcy Attorney?

Due to the increased complexity of bankruptcy laws, it is important to discuss your financial situation with a California Bankruptcy Lawyer prior to filing Chapter 7 Bankruptcy. Filing bankruptcy is a very important financial decision which could affect your ability to get credit and lower your credit score. Getting the best advice possible about how to dig your way out of your own financial crisis is vital to securing a debt-free future for you and your family.

You may have reached a point in your struggle to make ends meet where it is impossible to pay your debtors. If this is true, filing bankruptcy is an option that you may need to look into.

It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, “a legally declared inability or impairment of ability of an individual or organization to pay its creditors.” It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.

In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States.” The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.

For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you are going to file bankruptcy in Sacramento, you need to know the laws that pertain to you in filing a California bankruptcy. You need the help of a Sacramento bankruptcy attorney who can assist you in understanding how California bankruptcy laws will affect your case.

Chapter 7 and Chapter 13 are the types of personal bankruptcy that are usually filed in Sacramento. You may have to decide which one is right for you to file.

Chapter 7 is often called “straight” or “liquidation” bankruptcy. It is a yielding of your non-exempt property to a bankruptcy trustee who then sells (liquidates) your property and distributes the proceeds to your unsecured creditors. You are given a discharge on some of your debt in return for this.

Chapter 13 is also known as “reorganization” or “rehabilitation” bankruptcy. It allows you to keep possession and ownership of all of your assets. In return for this benefit, you have to use some portion of your future income to repay your creditors. Usually, this lasts for three to five years.

The purpose of Chapter 7 is to wipe out a large amount of unsecured debt. Chapter 7 is probably the right choice for you if you are not able to pay your unsecured debt. Chapter 7 is designed to give you a clean slate and a fresh start.

The purpose behind Chapter 13 is to help you catch up on past-due accounts. A repayment plan that is called a Chapter 13 plan is arranged by your attorney using the protection of the bankruptcy laws. This plan usually lasts from three to five years under the supervision of the Court.

While Chapter 7 may seem far superior, Chapter 13 may be more advantageous to you.  Chapter 13 may be more helpful to you if you have non-exempt property that you want to retain. Chapter 13 is your only option if you are not qualified to file Chapter 7 in Sacramento.

You probably cannot file Chapter 7 if your income is over the median for a family your size in California. There are situations, however, where you still may be able to file Chapter 7 even though your income is higher than the median in California.

You are entitled to use both federal and state exemptions if you are eligible to file Chapter 7 in Sacramento. There are two sets of exemptions in California. You have to choose one or the other. You are not allowed to use both.

Both sets of exemptions have some of the same items. Things like a homestead and personal property are on both sets of exemptions. It is the limits and amounts that are different.

A Sacramento bankruptcy attorney can help you decide which set of exemptions will work best for you, if you can file Chapter 7. Your Sacramento bankruptcy lawyer can also help you determine whether you are eligible to file Chapter 7, and if you are able to choose between filing it or Chapter 13, which one is right for you.

You need to make sure to choose a Sacramento bankruptcy attorney to advise you. This is because bankruptcy is a highly specialized area of law.

This is what Sacramento bankruptcy lawyers specialize in. They specialize in bankruptcy law and cases. Sacramento bankruptcy attorneys work with bankruptcy cases on a daily basis. Sacramento bankruptcy lawyers have to be aware of the latest updates and changes that take place in California bankruptcy law.

Let us help you find a Sacramento bankruptcy attorney.  This decision may affect you and your family for the rest of their life. You deserve the best advice possible from a Sacramento bankruptcy attorney near you.

Filing bankruptcy in Virginia Beach is something most people do not want to think about or talk about. It is something that a lot of people see as complete failure and disaster.

Even though it is something that you probably do not want to think about or consider, you may have reached a point where it is impossible to pay your debtors. If this is true, it is an option that you may need to look into.

It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, “a legally declared inability or impairment of ability of an individual or organization to pay its creditors.” It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.

In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States.” The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.

For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you are going to file bankruptcy in Virginia Beach, you need to know the laws that pertain to you in filing a Virginia bankruptcy. You need the help of a Virginia Beach bankruptcy lawyer who can assist you in understanding how Virginia bankruptcy laws will affect your case.

The principal kind of personal bankruptcy that is filed in Virginia Beach is Chapter 7. You give up your property that is not exempt in chapter 7. A bankruptcy trustee liquidates (sells) your property and the proceeds are divided among your unsecured creditors. You are forgiven (discharged) some of your debt in return for this benefit.

Chapter 13 is also a type of personal bankruptcy that is often filed in Virginia Beach. You hold on to possession and ownership of all of your assets with Chapter 13. A portion of your future income is used to repay your secured creditors in return for this over a period of three to five years.

Chapter 7 is also called “straight” or “liquidation” bankruptcy. It is what you probably have in mind if you are considering filing. Under Chapter 7, all of your unsecured debts can be erased. Credit cards and medical bills are among the things that this includes.

Some of your secured debts like your home and auto may also be exempt under Chapter 7. It may turn out that you do not have any non-exempt property. If this is the case, you will lose nothing. This is called a no-asset bankruptcy.

Chapter 13 is also known by other terms. It is referred to as “debt adjustment”, “rehabilitation” and “reorganization”. Under Chapter 13, a repayment plan is put together by your attorney using the protection of the bankruptcy laws. This plan that usually lasts for three to five years is called a Chapter 13 plan.

Chapter 13 may be the type of bankruptcy that is best for you even though Chapter 7 appears to be far better. If you want to keep property that is not exempt, you probably want to file Chapter 13. Or, if you do not qualify to file Chapter 7 in Virginia Beach, you need to file Chapter 13.

If your income is over the median for a family your size in Virginia, you may not be eligible to file Chapter 7 in Virginia. However, in some instances, you can still file Chapter 7 even though your income is higher than the median.

You are not allowed to use federal exemptions in Virginia. You must use the state exemptions provided by Virginia if you are eligible to file Chapter 7.

State exemptions permitted in Virginia include a homestead, household furniture, wearing apparel and other things. A Virginia Beach bankruptcy lawyer can sit down with you and go over all of the exemptions that you can use when you file Chapter 7 in Virginia. He or she can also tell you the amounts and limits on these exemptions.

The lawyer that you choose can make all the difference in the world. Family attorneys and lawyers with a general practice are good, but are they the right ones to use when it comes to bankruptcy?

You will probably need the advice and counsel of a lawyer who specializes in bankruptcy law and cases. This is what a Virginia Beach bankruptcy lawyer does. They handle bankruptcy cases every day. Virginia Beach bankruptcy lawyers know all of the latest changes and updates to bankruptcy law in Virginia.

If you are going to file bankruptcy in Charlotte, you need to know the laws that pertain to you in filing a North Carolina bankruptcy. You need the help of a Charlotte bankruptcy attorney who can assist you in understanding how North Carolina bankruptcy laws will affect your case.

The most common types of personal bankruptcy in North Carolina are Chapter 7 and Chapter 13.

In Chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.

In Chapter 13 bankruptcy, you retain possession and ownership of all of your assets, but you have to give some portion of your future income to repaying your creditors. Usually, this is over a period of three to five years.

If you do decide to file bankruptcy in Charlotte, you need to decide whether Chapter 7 or Chapter 13 bankruptcy is best for your situation. A  Charlotte bankruptcy attorney can help you in making this decision if you are unsure which bankruptcy is best for you.

In North Carolina, federal exemptions are not available when you file Chapter 7. The only exemptions that are allowed are state the state exemptions of North Carolina. Some of the state exemptions that you have are a homestead, insurance, public benefits, personal property and other things.

A Charlotte bankruptcy attorney can help you to see what all can be exempted and the limits on these exemptions. The attorney that you choose to represent you can make a big difference. Family attorneys and those who have a general law practice are wonderful, but are they right for this situation?

You will probably need representation by an attorney who specializes in bankruptcy law in North Carolina. You will need a Charlotte bankruptcy attorney.

These attorneys work with cases involving bankruptcy in Charlotte on a daily basis. They keep up with changes and updates to North Carolina bankruptcy law.

Spartanburg Bankruptcy

Ashville Bankruptcy

Winston-Salem Bankruptcy

Raleigh Bankruptcy

Chapel Hill Bankruptcy

With the updated bankruptcy laws, many individuals will make too much money to file Chapter 7 Bankruptcy. Other individuals will not want to liquidate their property or assets. Chapter 13 Bankruptcy is another good bankruptcy option. Although your debts will not be immediately discharged, you may be able to:

• Stop a home foreclosure
• End certain types of wage garnishments
• Stop repossessions of your property
• Stop creditor calls
• Reorganize your debt payments

Chapter 13 Bankruptcy will let you discharge your debt with in three to five years by creating a bankruptcy repayment plan. This plan is approved by the bankruptcy court and managed by your court appointed trustee. Your trustee is responsible for dealing with your creditors, in fact, your creditors will not be able to  contact you for debt payment at all while you are under Chapter 13 Bankruptcy protection. Creditors may contact you if you fail to continue to make payments for debt which is considered non-dischargeable and not outlined in your bankruptcy repayment plan.

Your North Dakota Bankruptcy Lawyer will be able to answer your questions, file your bankruptcy petition and schedules, appear in court for you and help you develop your bankruptcy plan.

Most people who file bankruptcy will choose to file Chapter 7 Bankruptcy. Chapter 7 Bankruptcy is a liquidation bankruptcy and is the easiest and least expensive option. A trustee is assigned by the North Dakota Bankruptcy Court to sell your assets and use the money to repay your debt obligations. Most of your debts can be discharged with in four to sixe months. There are debts which are considered non-dischargeable and your North Dakota Bankruptcy Lawyer can discuss those debts with you.

One benefit of Chapter 7 Bankruptcy is your debts can be immediately discharged. Collections will also be temporarily halted, but may continue if a judge decides there is “cause”. The first step is to contact your North Dakota Bankruptcy Lawyer who can file your bankruptcy forms, including the petition, the schedules and the Statement of Financial Affairs. The Statement of Financial Affairs will outline all of your creditors, debts, expenses and assets.

Changes were made in 2005 with the passage of the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA). The goal of the BAPCPA was to update bankruptcy law to encourage more individuals to file Chapter 13 Bankruptcy and repay most or all of their debts.

The main changes included:

• Requiring individuals to complete a credit counseling  course prior to filing bankruptcy
• Requiring individuals to complete a financial management course prior to the discharge of your debts
• Making it more difficult to file Chapter 7 Bankruptcy. Now individuals must pass an income test to be able to file Chapter 7 Bankruptcy

The income test will review your gross median income compared to other residents of North Dakota. If your median income is less than other North Dakota residents, you may file Chapter 7 Bankruptcy. If your income is higher, you will have to pass other means tests to determine if you can file Chapter 7 Bankruptcy.

The purpose of the means test is to determine if you have enough disposable income to repay your creditors. The test will subtract your house payment, car payment, school tuition up to $1650, back taxes and child support from your gross income. If you can pay $6,000 or $100 per month over the next 60 months, you will probably have to file Chapter 13 Bankruptcy. If you fail this test, but you could pay 25% of your disposable income to your creditors over the next 60 months, you may have to file Chapter 13 Bankruptcy.

The United States Trustee Program prints the median income for all states in the State Median Income List. It is updated periodically. For the state of North Dakota, after March 14, 2009, the average median income for a single wage earner is $38,226.  For a family of two the median income is $53,389 and for a family of three it is $67,644. For a family of four it is $71,751.

All the above information is general in nature and is not legal advice. Means testing can be complex and should be discussed with a North Dakota Bankruptcy Lawyer.

If you file Chapter 13 Bankruptcy or Chapter 7 Bankruptcy, there will be certain debts which will not be discharged. These debts are called non-dischargeable and are outlined under federal bankruptcy laws. All states will have the same list of non-dischargeable debt.

If you choose to stop paying your non-dischargeable debt, creditors are allowed to continue their debt collection efforts using all legal means necessary to force you to pay them.

You should talk to your North Dakota Bankruptcy Attorney to discuss all of your debts. In the state of North Dakota, the following debts will not be discharged by filing bankruptcy:

• Federal, state and local taxes. May be subject to specific time rules.
• Spousal Support/Alimony
• Child Support Payments
• Most Student Loans
• Mortgage Liens
• Certain types of purchases for luxury items within 90 days of filing
• Secure Debt
• Penalties and fines by government agencies
• Fraud committed in a fiduciary role including larceny and embezzlement
• Punitive damages assessed for “willful and malicious acts”
• Debts not outlined on the schedule and forms filed with the Bankruptcy Court
• Drunk Driving fines
• Certain cash advances or purchases for luxury items with in a certain time frame.

There will be property and assets that can be excluded from the bankruptcy process called exemptions. Federal bankruptcy law has created exemptions to protect certain assets from your creditors, allowing you to maintain enough assets to start over after bankruptcy.

Many states have created their own list of assets which are considered exempt. Certain states will allow you to choose either the state or federal bankruptcy exemption list. Other states will require you to choose the state bankruptcy exemption list. In the State of North Dakota, you may not choose the federal exemptions and will only be allowed to use the North Dakota Bankruptcy Exemptions.