Each state offers a homestead exemption for struggling homeowners going through bankruptcy that prevents creditors from seizing their primary residence. When a property owner files for bankruptcy, he or she may declare a portion of their equity as a homestead, typically with a limit on equity value and/or square footage. The federal government also offers homestead protections, which actually cover more types of property than most state laws, but homeowners may not claim both exemptions.
Brief Overview of North Dakota Homestead Protection Laws
Details about North Dakota's homestead protection law are listed in the following box. See FindLaw's Bankruptcy section for related articles.
|Max. Property Value That May Be Designated 'Homestead'||$1000,000 ("over and above liens and/or encumbrances")|
|Maximum Acreage (Urban)||N/A
|Maximum Acreage (Rural)||N/A
|When a Homestead is Subject to a Forced Sale||A homestead is subject to execution or forced sale in satisfaction of judgments obtained in the following cases:
|Misc.||The homestead shall be exempt from judgment lien and from execution or forced sale, except as otherwise provided in this chapter. The homestead may not embrace different lots or tracts of land unless the lots or tracts of land are contiguous. For purposes of this section, "contiguous" means two or more tracts of real property which share a common point or which would share a common point but for an intervening road or right of way.|
Note: State laws may change at any time in a number of different ways, typically through the enactment of signed legislation or changes in the law brought about by higher court decisions. In any event, you may want to contact a North Dakota bankruptcy attorney or conduct your own legal research to verify the state law(s) you are researching.
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North Dakota Homestead Laws: Related Resources
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