North Dakota Bankruptcy Records reveal that this district of USA stands at the 40th place among the districts arranged according to the number of bankruptcy cases filed. The number of bankruptcy cases filed in North Dakota in 2008 was about 1,206. This is approximately 0.01% of the cases filed in the whole of United States of America. Interestingly, in 2008, USA bankruptcy cases have increased by 28.9% from 2007. The bankruptcy court records are extremely important as a database of detailed information pertaining to various aspects of bankruptcy. The court records pertaining to bankruptcy provides information such as the clauses under which the cases can be filed, the various chapters pertaining to the filing of the bankruptcy case such as chapters 7, 11 and 13, the exemptions pertaining to these bankruptcy cases, the different laws pertaining to bankruptcy and also the cases filed under the North Dakota Bankruptcy courts. These records can be very helpful is verifying fact, figures and past records of any individual or business house.
An individual or a business often chooses bankruptcy when the financial situation is such that it is impossible to repay the debts incurred. Usually bankruptcy is filed by a debtor when he or she realizes that the debts cannot be repaid within the stipulated time period or repaid at all. There are two major types of bankruptcy available for individuals and businesses; Straight Bankruptcy and Wage Earner Bankruptcy.
North Dakota Federal Bankruptcy Records show that the most common cases filed are under Chapter 7, i.e. Straight Bankruptcy or liquidation. In such cases, the debtor's property is sold off under the supervision of the court authorities and his or her debts are cleared with the money. However, a debtor has the right to retain certain possessions that come within a prescribed value.
The things that can be retained by a debtor after he or she files for bankruptcy in North Dakota include family pictures, books, insurance benefits, home to $80,000, motor vehicle to $1,200, clothing, tools of trade, workers' compensation, Veteran's disability pension, livestock and farm implements, food and fuel, Crime victim's award, unemployment compensation and so on.
The wage earner bankruptcy is opted when repayment of a loan or mortgage is impossible within the fixed time frame. North Dakota Bankruptcy Record showcases that this is also a way to avoid foreclosure. In this case, a plan is worked out that helps the debtor to clear all debts but the time limit is expanded to make it suitable for him or her. This way the creditor also gets back his dues.
Find North Dakota State Bankruptcy Records
North Dakota County Bankruptcy Records can be traced from online sources without any hassles. Though the rate of North Dakota bankruptcies is comparatively lesser than other US states, it is always advisable to cross check the financial background of a person or business before involving in any sort of transaction with them. Passing loans, offering mortgages, and such become easier when you know the person's credit history for sure.
Manual search for North Dakota Bankruptcy Files can be a mammoth task. Moreover it would take a lot of time to track a particular bankruptcy file. The availability of online databases consisting of North Dakota Bankruptcy Records makes it much more convenient to look for a particular file. You just need to type in the name of the person or the business and look for related records.
Government as well as commercial databases of these records are available. In case of individuals, the details include name, age, sex, location, date of filing for bankruptcy, legal proceedings, trustee (if appointed), termination of bankruptcy and such others. Businesses that have filed for bankruptcy can also be traced with the help of these online bankruptcy records.