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Consumer Laws by State

No matter what state you live in, bankruptcy is governed by chapters of the U.S. Bankruptcy Code. You can file for Chapter 7 bankruptcy protection and see debt relief in as little as a few months, or enter a Chapter 13 repayment plan that lets you pay back your creditors at a lower rate over a period of three to five years. However, depending on what state you file bankruptcy in and where you’ve lived for the past few years, you may experience bankruptcy differently than the person living the next state over. One of the main differences is related to bankruptcy exemptions, which vary by state. Exemptions allow you to keep your property, like your house, car, and more, with some states having more generous exemptions than others. Other states require you to use their exemptions only, with no choice of using federal exemptions, when filing for bankruptcy. National Bankruptcy Forum has compiled information on consumer laws by state so readers can get a basic overview of how bankruptcy works from California to Florida.

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Posted On: December 15, 2017

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Chapter 7 Bankruptcy in Oklahoma: What You Need to Know

Oklahoma’s median household income, at $49,176, is significantly below the national average, but that’s not necessarily bad news for Sooner State residents. Lower costs in key areas balance out lower incomes. The median Oklahoma home sale price, as reported by RealtyTrac, is $85,000 lower than the national median. These lower costs have drawn attention and…

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Posted On: December 8, 2017

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Posted by: National Bankruptcy Forum

Chapter 7 Bankruptcy in North Dakota: What You Need to Know

The past decade has been good to North Dakota. During the Great Recession, while median incomes across the country were shrinking when adjusted for inflation, household incomes in North Dakota grew by more than 15%. In 2016, “legendary North Dakota” posted the 10th highest per capita personal income (PCPI) in the United States, at $54,267….

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Posted On: November 8, 2017

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Chapter 7 Bankruptcy in Mississippi: What You Need to Know

Pecans, cotton, catfish, sweet potatoes — all have a huge, if not “capital,” presence in Mississippi. The nickname “Old Man River” is reserved for the Mississippi River, the largest river in the United States and the nation’s chief waterway. The Magnolia State also is rich in history, with the Mississippi Delta considered the birthplace of…

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Posted On: November 1, 2017

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Chapter 7 Bankruptcy in Minnesota: What You Need to Know

Minnesota isn’t just home to people with a well-known accent. It’s also home to the country’s largest urban sculpture garden in Minneapolis, the largest regional playhouse in the U.S., and Minneapolis boasts more golfers per capita than any city in the country. Minnesota also has 90,000 miles of beautiful shoreline, which is more than our…

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Posted On: October 27, 2017

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Posted by: Tiffany Sanders

Chapter 7 Bankruptcy in New Jersey: What You Need to Know

New Jersey is often described as one of the wealthiest states in the nation. In raw numbers, that’s true — New Jersey consistently posts median individual and household incomes well above the national median. In 2016, New Jersey had the third-highest median household income in the U.S., at $76,126. The Garden State isn’t just doing…

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Posted On: October 26, 2017

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Chapter 7 Bankruptcy in Wisconsin: What You Need to Know

Traditionally hailed as the “Dairy Capital of the USA,” the heartland of Wisconsin is also the birthplace of famed architect Frank Lloyd Wright; the home of the world’s largest music festival, Milwaukee Summerfest; and a prime location for nature lovers with easy access to the Great Lakes. While the thriving milk, cheese, and yogurt industry…

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