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Bankruptcy

Chapter 13 bankruptcy—eligibility

Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $394,725 and secured debts are less than $1,184,200. These amounts are adjusted periodically to reflect changes in the consumer price index. A corporation or partnership may not be a chapter 13 debtor.

In North Dakota, as in all states, Chapter 13 bankruptcy is a form of bankruptcy that allows individuals, including those who are self-employed or running an unincorporated business, to reorganize their debts and pay them off over a period of time. To be eligible for Chapter 13 relief, an individual must have unsecured debts less than $394,725 and secured debts less than $1,184,200. These debt limits are subject to adjustment based on changes in the consumer price index, ensuring that the thresholds reflect economic conditions. It's important to note that corporations and partnerships are not eligible to file for Chapter 13 bankruptcy; this option is only available to individuals and sole proprietors.

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Bankruptcy

Chapter 13 bankruptcy—eligibility

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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North-Dakota State Code

North-Dakota State Code

Bankruptcy

Chapter 13 bankruptcy—eligibility

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