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.
|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.
|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)|
|Clothing, including jewelry||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.