Delaware, DE Bankruptcy Exemptions

bankruptcy lawyer directory for all 50 states

bankruptcy lawyer lookup service. File Chapter 7 and Chapter 13 bankruptcies. Look for qualified bankruptcy attorney in your area.

The Essential Delaware Bankruptcy Information Guide

Delaware, DE Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Delaware Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Delaware Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
LIMITS	A single person may exempt no more than $25,000 total in all exemptions; a husband & wife may exempt no more than $50,000 total.	10-4914
HOMESTEAD	NONE, however, property held as tenancy by the entirety may be exempt against debts owed by only one spouse	In re Hovatter, 25 B.R. 123 (D. Del. 1982)
INSURANCE	Annuity contract proceeds to $350 per month	18-2728
	Fraternal benefit society benefits	18-6118
	Group life insurance policy or proceeds	18-2727
	Health or disability benefits	18-2726
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	18-2729
	Life insurance proceeds or avails	18-2725
MISCELLANEOUS	Property of business partnership	6-1525
PENSIONS	Kent County employees	9-4316
	Police officers	11-8803
	State employees	29-5503
	Volunteer firefighters	16-6653
PERSONAL PROPERTY	Bible, books and family pictures	10-4902(a)
	Burial plot	10-4902(a)
	Church pew or any seat in public place of worship	10-4902(a)
	Clothing, includes jewelry	10-4902(a)
	Pianos and leased organs	10-4902(d)
	Sewing machines	10-4902(c)
PUBLIC BENEFITS	Aid to blind	31-2309
	Aid to aged, disabled, AFDC, general assistance	31-513
	Unemployment compensation	19-3374
	Workers’ compensation	19-2355
TOOLS OF TRADE	Tools, implements and fixtures necessary to carry on debtor's business to $15,000 (includes vehicle necessary for employment); $75 in New Castle and Sussex Counties; to $50 in Kent County	10-4902(b)
WAGES	85% of earned but unpaid wages	10-4913
WILD CARD	$500 of any personal property, except tools of trade, if head of family	10-4903

bankruptcy blog, join post, comment on our bankruptcy blog

free bankruptcy evaluation with an attorney. bankruptcy questions? call or fill out our free bankruptcy evaluation form

BANKRUPTCY RESOURCES

BANKRUPTCY RESOURCES BY STATE:

Click on a link to find a Bankruptcy Lawyer in that state.