Running Your Business
BizFilings provides useful information to help you manage and grow your business.
Filed under Running A Business.
These assets are exempted from a state court or bankruptcy proceeding in North Dakota.
Homestead: Real estate, house trailer or mobile home up to $100,000. Sales and insurance proceeds also exempt.
Pensions and Retirement Benefits: ERISA-qualified pensions and IRAs (conventional, Roth, SEP, SIMPLE) up to $100,000 per plan, total cannot exceed $200,000, unless reasonably necessary for support of debtor or dependents. Funds exempt for disabled veteran's benefits and public employees pensions.
Insurance: Life insurance surrender value up to $200,000 if policy is payable to surviving spouse, dependents or other relatives, and policy owned more than one year before bankruptcy action. The $200,000 limit includes ERISA-qualified retirement benefits and IRAs. Life insurance payable to insured's estate. Fraternal society benefits.
Personal Property: Books up to $100. Pictures. Clothing. Burial plots. Church pew. Any property up to $7,500, in lieu of homestead. Crops raised on debtors land not to exceed 160 acres. Motor vehicle up to $2,950. Personal injury recoveries up to $15,000 (excluding pain and suffering). Wrongful death recoveries up to $15,000. Head of household not claiming crops may claim up to $5,000 of any personal property or any of the following: library and tools of profession up to $1,000, livestock and farm implements up to $4,500, tools and stock in trade up to $1,500, furniture up to $1,000, books and musical instruments up to $1,500. Non-head of household not claiming crops may claim up to $3,750 of any personal property in addition to above.
Tools of Trade: None.
Miscellaneous: Business partnership property.
Wages: Minimum 75% of earned but unpaid wages.
Public Benefits: Unemployment compensation. Workers' compensation. AFDC. Crime victim's compensation. Social Security. Vietnam veteran's adjustment compensation.
Wild Card: None.