Delaware Bankruptcy Exemptions
The chart below contains a summary of Delaware state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Delaware bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Delaware Bankruptcy Law
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
| ASSET | EXEMPTION | LAW |
|---|---|---|
| Delaware Homestead | Real property or manufactured home used as principal residence to $75,000 for 2010; $100,000 for 2011; and $125,000 for 2012; Effective immediately, $125,000 for a disabled debtor or married couple where one spouse is at least 65 years old Note: Property held as tenancy by the entirety may be exempt against debts owed by only one spouse. | 10-4914(c) |
| Wages | 85% of earned but unpaid wages | 10-4913 |
| Automobile | None; see Wildcard | |
| Other property | Life insurance proceeds or avails | 18-2725 |
| Bible, books, and family pictures | 10-4902(a) | |
| Sewing machines | 10-4902(c) | |
| Clothing, including jewelry | 10-4902(a) | |
| Burial plot | 10-4902(a) | |
| Tools of trade and/or vehicle necessary for employment to $15,000 each | 10-4914(c) | |
| Wildcard | $500 of any personal property, except tools of trade, if head of family | 10-4903 |
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Delaware bankruptcy court statutes.
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Go to Complete State of Delaware bankruptcy exemptions laws.
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