North Dakota Debtor's Affidavit of Financial Status to Induce Creditor to Compromise or Write off the Debt which is Past Due - Assets and Liabilities

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Multi-State
Control #:
US-02571BG
Format:
Word; 
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Description

The purpose of this form is to show creditors the dire financial situation that the debtor is in so as to induce the creditors to compromise or write off the debt due.

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FAQ

Assets that creditors can seizeBank accounts.Investment accounts.Inheritances.Assets owned by your spouse.Personal homes (different from state to state)Rental properties.Vehicles.Business equipment.More items...?

Time limits/Statute of LimitationsIf your creditor does not start the court action within 6 years of the debt being due, the action can be held to be statute-barred by the court.

You can be terminated from employment under North Dakota and federal law if you have more than one wage garnishment. This may leave you wondering how you can stop a garnishment. There are two main ways: You either pay off the debt or get it discharged in bankruptcy.

Federal benefits that are generally exempt from garnishment (except to pay delinquent taxes, alimony, child support or student loans) include: Social Security benefits. Supplemental Security Income benefits. Veterans benefits.

Options for asset protection include:Domestic asset protection trusts.Limited liability companies, or LLCs.Insurance, such as an umbrella policy or a malpractice policy.Alternate dispute resolution.Prenuptial agreements.Retirement plans such as a 401(k) or IRA.Homestead exemptions.Offshore trusts.

The answer is yes. If you owe creditors, collectors, or anyone else money, they can obtain a money judgment and have the funds in your bank account frozen, or they can seize them outright.

Overview: In general, a North Dakota small claims or state district court judgment expires ten years from the date the judgment was first docketed. However, the judgment may be renewed one time.

Only creditors with a valid court order can garnish wages in the state of North Dakota. This may be the original creditor you had the debt with or a debt buyer or debt collection agency. Creditors for certain debts can garnish your wages without a court order.

Debtor's Property That Can Be Seized They may consider such as the house where they live, or things they own, such as a car or a boat, or cold cash. But property, especially in court cases, can also mean a person's salary. It includes deposit accounts, stocks and bonds, IRA accounts and other similar types of assets.

How long is your judgment valid? In North Carolina, a judgment is valid for ten years from the date it was awarded by the Court. The judgment can be renewed for another ten years, giving a judgment creditor additional time to try to collect the money owed.

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North Dakota Debtor's Affidavit of Financial Status to Induce Creditor to Compromise or Write off the Debt which is Past Due - Assets and Liabilities