Delaware Bankruptcy Laws

Chapter 7 and Chapter 13 Bankruptcy in Delaware

If you reside in Delaware and are thinking of filing for bankruptcy a Delaware bankruptcy attorney will review all of your options.

Find out, with the help of a Delaware bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy is right for you.

For a consultation with a local Delaware bankruptcy simply just fill out the form on this page.

Fill out our 10-second application form and have one of our attorneys contact you!

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Facts and State Exemptions for Bankruptcy

During your first visit with your Delaware bankruptcy attorney you will learn all of the important differences from Chapter 7 and Chapter 13 bankruptcy.

Within this consultation your Delaware bankruptcy will ask you many personal finance questions or provide you with a profile sheet to list specific details regarding your finances. The answers you provide should assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is appropriate for you.

Chapter 7 bankruptcy is usually called liquidation as the bankruptcy trustee may opt to sell or auction non-exempted property (see State Exemptions list below).

However, in the majority of Chapter 7 bankruptcy cases, the person filing bankruptcy owns no non-exempt property, so this would not apply to the majority of filings. If you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice since you would be allowed to discharge most of your unsecured debt.

Before filing Chapter 7 bankruptcy please discuss your situation with a Delaware bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

Delaware State Exemptions

Homestead

Up to $50,000 in value for your principal residence.

Wages

85 percent of earned but unpaid wages.

Personal Property and Vehicles

1. Up to $15,000 for vehicle and tools necessary for employment.
2. 100 percent of clothing, family pictures and family books.
3. 100 percent of clothing, family pictures and family books.
4. The head of family also receives additional exemptions worth up to $500.

Chapter 13 Bankruptcy is often termed “reorganization”. Individuals filing Chapter 13 may own more property and by filing Chapter 13 may also retain the majority of their assets.

In Chapter 13 bankruptcy, the debtor draws up a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This installment plan enables the debtor to repay outstanding bills.

Speak With a Delaware Bankruptcy Attorney Today

If you have thought about filing bankruptcy in Delaware you may not know where to start or simply feel burdened by local bankruptcy laws.

To resolve any questions about the bankruptcy laws, a Delaware bankruptcy attorney will be able to walk you through the bankruptcy process in clear terms. When you consult a Delaware bankruptcy attorney you will also be able to get many of your questions and concerns answered in the first appointment.

We take the complexity out of finding a good Delaware bankruptcy attorney. Just complete our free bankruptcy questionnaire on this page and we will connect you with a Delaware bankruptcy attorney in your area.

Note: This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

Delaware Bankruptcy attorneys are located in the following cities:

ASTRAZENECA, AVON PRODUCTS INC, BANK OF AMERICA, BEAR, BENEFICIAL NATL BANK, CAMDEN WYOMING, CHASE MANHATTAN BANK N A, CHESWOLD, CHRISTIANA MEDICAL CENTER, CITIBANK, CLAYMONT, CLAYTON, COMPUTER COM OF AMER, DELAWARE CITY, DELMARVA POWER, DIAMOND STATE TELE CO, DOVER, DOVER AFB, DUPONT CO INC, FELTON, FREDERICA, HARRINGTON, HARTLY, HERCULES INCORPORATED, HOCKESSIN, HOUSTON, KENTON, KIRKWOOD, LITTLE CREEK, MAGNOLIA, MARYDEL, MBNA AMERICA, MIDDLETOWN, MONTCHANIN, NEW CASTLE, NEWARK, ODESSA, PORT PENN, ROCKLAND, SAINT GEORGES, SHARED FIRM ZIP, SMYRNA, TOWNSEND, VIOLA, WILMINGTON, WINTERTHUR, WOODSIDE, YORKLYN