Delaware is one of the “opt out” states. This means you're not permitted to use the federal bankruptcy exemptions when you're filing bankruptcy in the state of Delaware.
If you file a joint bankruptcy along with your spouse, then Delaware provides you with the opportunity to double your exemption amount. This can be done using the Delaware exemptions.
You've got the homestead exemption which protects a certain amount of the equity present in your home or principal residence. You get to exempt up to 125,000 dollars in terms of real property. This would also be applicable to a manufactured home you're using as principal residence.
You're exempt up to 15,000 dollars for the equity in a motor vehicle, if it's necessary for your employment.
85 percent of your unpaid wages stand exempt.
Most personal properties like family's clothing, pictures, bible, books and the likewise are completely exempt.
As far as the tools that are essential for your business are concerned, then it shouldn't exceed 75 dollars in New Castle and Sussex counties and 50 dollars in the Kent County.
A particular vehicle or tools that are necessary for your employment and that too up to 15,000 dollars of the value.
As the head of household you've got the scope to protect 500 dollars worth of any other personal property additionally. This would be apart from any tools of the trade.
The following are 100 percent exempt as per state laws –
824 Market ST N
Wilmington, Delaware 19801
Same as Street Address.
Monday through Friday
8:00 AM to 4:00 PM
Excluding Federal Holidays
Last Updated on: Thu, 18 Aug 2016