Bankruptcy Attorneys

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July 04, 2008
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Welcome to Bankruptcy Attorneys North Dakota.com

 

 
Did You Know?    
 
 
Can Co-Signers Be Protected
If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met. The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.

 



Our North Dakota Bankruptcy Lawyers can help you set your assets in order and take care of all the files and red tape associated with bankruptcy in a smooth and efficient manner.

Bankruptcy can be a devastating blow to an individual, a small business, or a multi-million dollar corporation. The allocation of funds, audits, creditor claims, and claiming of assets may be too much for the staff of one corporation to handle, let alone a single individual.

Bankruptcy, as far as the US Federal Bankruptcy Code is concerned, is the process undergone when a business or individual seeks relief from their debts. The Federal Code Law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. The proceedings involved in invoking bankruptcy are supervised by and litigated in the United States Bankruptcy Courts. The Bankruptcy Code provides that creditors must stop all collection efforts against the debtor, and allows the debtor to organize his assets and settle his debt and credit accounts in a feasible manner.

Federal bankruptcy laws also manage how private or commercial companies go out of business or recover from crippling debt. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the daily business operations but all significant business decisions must be approved by a bankruptcy court.

How Are Assets Divided in Bankruptcy?

  • Secured Creditors - often a bank is paid first.
  • Unsecured Creditors - such as suppliers and bondholders, have the next claim.
  • Stockholders - owners of the company have the last claim on assets and may not receive anything if the secured and unsecured creditors' claims are not fully repaid.

What can our North Dakota Bankruptcy Lawyers do for you?

  • Research all laws (recent verdicts, changes in legal doctrine) related to North Dakota bankruptcy
  • File claim(s) of bankruptcy
  • Appear in court for you

Contact our North Dakota Bankruptcy Lawyer Now!

 
North Dakota Audio & Video    
 
  Who Files for Bankruptcy?
Audio, RM, 32 Kbps, 3:52, 7/26/2002

John Ydstie talks with Teresa Sullivan, co-author of The Fragile Middle Class, about the characteristics of people who file for bankruptcy. Sullivan says most Americans filing bankruptcy are solidly middle class and have either just lost a job, gotten sick or injured, or gotten divorced. Sullivan is vice president and graduate dean of the University of Texas in Austin.
Source: National Public Radio
 
 
North Dakota External Sites    
 
 

US Bankruptcy Court - District of North Dakota
Official Website for the United States Bankruptcy Court for the District of North Dakota.
ND Bankruptcy Local Rules
... States District Court, District of North Dakota shall also apply to student practice in the United States Bankruptcy Court, District of North Dak

 


  Newsroom  
 


News about Bankruptcy in North Dakota and nationwide:

Bankruptcy Filings Rose in March 2006
May 26, 2006 — The number of bankruptcy cases filed in federal courts rose 12.8 percent in the 12-month period ending March 31, 2006, according to ...
Read more >


U.S. Trustee Program Announces Stipulated Agreement
            WASHINGTON, D.C.–The United States Trustee Program announced today that it ...
Read more >


SEC Charges Scott D. Sullivan, WorldCom’s Former Chief Financial Officer, with Engaging in Multi-Billion Dollar Financial Fraud
Sullivan Consents to Anti-Fraud Injunction, Permanent Bar from Serving as an Officer and Director of a Public Company, and Pe...
Read more >


More Bankruptcy News >

 
 

Bankruptcy Terms

 


Today's Terms

Liquidation value

Definition:
The aggregate value of a business if its assets are sold piecemeal.

Reamortization

Definition:
If your loan is reamortized, the delinquency is added to the loan balance in order to bring your payments up to date. This increases your loan amount and will also increase your monthly payments.

Repo Laws Repossess

Definition:
The repo laws: If you don't make your car payments for a number of months, your lender may repo or repossess your car. Without a car you may not be able to get to work.

More Bankruptcy Terms >

Bankruptcy Resources

 


Search Bankruptcy resources in our resource center:

More Resources >

 

Bankruptcy Hot Topics

 
Topics Related to Bankruptcy:

  • Chapter 7
  • Chapter 13
  • Chapter 11
  • Chapter 12
  • Chapter 9

More Bankruptcy Topics >


North Dakota Bankruptcy Attorney

 
If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

  • Bismarck
  • Dickinson
  • Fargo
  • Grand Forks
  • Jamestown
  • Mandan
  • Minot
  • Wahpeton
  • West Fargo
  • Williston
 


Legal Disclaimers
All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Bankruptcy Attorneys North Dakota.com is not intended to be legal advice, but merely conveys general information related to legal issues commonly encountered. Your access to and use of this website is subject to additional Terms and Conditions.

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