How To File For Delaware Bankruptcy

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  • Do you need information about filing for bankruptcy in Delaware? Delaware bankruptcy can help eliminate financial stress and give you a financial fresh start. Filing for bankruptcy in Delaware follows the same procedures as filing for bankruptcy anywhere else in the United States. If you're hoping to use Chapter 7 bankruptcy protection, you'll need to pass a Delaware-specific income test. Read on to learn how to file for Delaware bankruptcy.

  • Disclaimer

    The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

  • Introduction

    Bankruptcy is a federal process, that does have some state specific criteria that will affect whether or not you are eligible to file, and if you are whether you need to file Chapter 7 bankruptcy or Chapter 13 bankruptcy.

  • Step 1: What is Chapter 7 Bankruptcy?

    Chapter 7 bankruptcy, also called liquidation or straight bankruptcy, is the form of bankruptcy used in more than half of all bankruptcy filings. Chapter 7 bankruptcy allows the petitioner to walk away from their debts and make a fresh financial start. Under Chapter 7, the bankrupt's assets are liquidated, and the proceeds are used to repay the debts. Any excess debt is forgiven.Bankruptcy Home: About Chapter 7

  • Step 2: Chapter 7 Delaware Means Test

    1. In order to be eligible to use Chapter 7 bankruptcy in Ohio, your family income needs to be less than the median income for families in Ohio as determined by the Census Bureau. The income level is specific to your family's size.
      1. Household of one: $44,479http://www.clearbankruptcy.com/chapter-7-bankruptcy/median-income.aspx
      2. Household of two: $58,501http://www.clearbankruptcy.com/chapter-7-bankruptcy/median-income.aspx
      3. Household of three: $74,320http://www.clearbankruptcy.com/chapter-7-bankruptcy/median-income.aspx
      4. Household of four: $76,085http://www.clearbankruptcy.com/chapter-7-bankruptcy/median-income.aspx

  • Step 3: Delaware Exempt Assets

    Some assets are exmpt from liquidation in a Delaware bankruptcy. You can usually keep:

    1. Personal items such as a family bible, school books, your family library, personal photographs, seat or pew in a church or public place of worship, a lot in any burial ground and clothes
    2. Tools of the trade, up to $75 in New Castle and Sussex Counties or $50 in Kent County
    3. Sewing machines
    4. Rented pianos or organs
    5. General personal property to $500
    6. 85% of wages, salaries and commissions
    7. Business partnership property
    8. Estate property to $5,000, except tools of the trade
    9. Retirement plans and rollover contributions,insurance proceeds, annuity contract proceeds
    10. Workers' compensation payments, unemployment benefits, public assistance payments

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