Delaware Bankruptcy Exemptions

Federal bankruptcy exemptions are not available for the State of Delaware. There are certain possessions that can be exempt or protected from creditors when filing for bankruptcy in Delaware.

A single person may exempt no more than $25,000 total in all exemptions; a husband and wife may exempt no more than $50,000 total. There are exceptions to these following exemptions that are much too detailed to list here. An experienced and qualified bankruptcy attorney can go over with you the various aspects of each exemption.

Assets

Homestead: NONE, except, property held as tenancy by the entirety may be exempt against debts owed by only one spouse

Insurance: Fraternal benefit society benefits, Health or disability benefits, Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors, Life insurance proceeds or avails, Group life insurance policy or proceeds, Annuity contract proceeds to $350 per month, Employee life insurance benefits

Personal Property: Clothing, includes jewelry, Burial plot, Bible, books, family pictures and portraits, Piano and leased organs, Sewing machines, Church pew or any seat in public place of worship, Schoolbooks and family library

Pensions: Kent County employees, Police officers, State employees, Volunteer firefighters, Retirement plans

Wages: 85% of earned but unpaid wages

Public Benefits: Unemployment compensation, Workers’ compensation, Public assistance, AFDC, Aid to blind, aged and/or disabled

Miscellaneous: Business partnership property

Tools of Trade: Tools, implements and fixtures (including vehicle necessary for, employment) necessary to carry on debtor’s business to $15,000, up to $75 in New Castle and Sussex counties, Up to $50 in Kent County

Wildcard: $500 of any personal property, except tools of trade, only if head of household

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