Fargo Debt AdviceUnderstand the four main paths to debt freedom and which one makes sense for your situation under North Dakota law.
North Dakota's statute of limitations is 4 years for credit card debt and 5 years for written contracts. Florida has strong homestead protections — creditors generally cannot take your primary residence for unsecured debt. Wages can only be garnished if you earn more than 30x federal minimum wage per week and are not the head of household.
North Dakota residents with $10,000+ in unsecured debt who are already behind on payments or experiencing financial hardship. Ideal if you want to avoid bankruptcy but can't afford current minimum payments.
Florida has no state income tax, so any savings from lower interest rates go directly to debt repayment. If using a home equity loan for consolidation, be aware that Florida's homestead exemption protects your home from most creditors — a consolidation loan secured by your home could put that protection at risk.
Floridians with good credit (650+) who are current on payments but want to simplify and reduce interest costs. Works best when you can commit to not using credit cards during the repayment period.
Florida requires credit counseling agencies to be licensed. Look for agencies accredited by the NFCC or FCAA. Non-profit credit counseling is available through Florida-based organizations. Some Florida utility companies and medical providers also work with DMPs to reduce outstanding balances.
Floridians who can afford monthly payments but are drowning in high interest rates. Good option if you want to protect your credit score while systematically paying down debt over 3-5 years.
Florida has some of the most generous bankruptcy exemptions in the country. Your homestead is fully protected with unlimited value (if owned 1,215+ days). Personal property up to $1,000, motor vehicles up to $1,000, and wages of head of household are fully exempt. Ch. 7 requires passing a means test — Florida's median income for a single filer is approximately $55,000. Must complete credit counseling from an approved agency before filing.
As a last resort for Floridians who have exhausted other options, have overwhelming debt relative to income, and need the strongest legal protection. Florida's generous homestead exemption makes Ch. 7 particularly advantageous for homeowners.
Not sure which option is right? Get a free, confidential evaluation of your situation from a Florida debt specialist.
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