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Anyone considering Chapter 7 should know that federal qualification
restrictions have significantly impaired state resident rights when
seeking full discharge of debts. Previously, anyone could file without
income restrictions so long as complying with legal requirements for
property surrender, subject to withholding exempt property under state
laws. The upper limit for the homestead allowance remains at $80,000
presently, and covers land, buildings, improvements, and attached
fixtures.
The North Dakota bankruptcy courts still apply the same standard for
property retention, yet qualification for Chapter 7 is now tempered by
new income restrictions collectively referred to as means testing. The
North Dakota median income state wide sets the upper limit for income
earned under the changed restriction. Further, disposable income and
comparisons of income to total unsecured debt owed may also prevent
filing.
See also: North Dakota Homestead Exemption.
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