There is only one District bankruptcy court in Delaware and that is located in Wilmington. Following are some of the important points in the Delaware bankruptcy laws that differentiate them from the laws in other states.
•The first and most important thing that you need to know regarding the Delaware bankruptcy laws is that if you are single, you can exempt all kinds of properties only up to five thousand dollars, in total. On the other hand, if a married couple files court petition for bankruptcy jointly, they can exempt various types of properties for up to ten thousand dollars in total, as described under the Delaware bankruptcy laws. You will not find such limits in the bankruptcy laws of other states of America.
•It is very important for you to understand that as per the Delaware bankruptcy laws no homestead properties are exempted. However, in case of a married couple filing bankruptcy, residential properties held as tenancy are exempted, but only up to the amount of debt owed by one spouse.
•In various insurance policies, the Annuity contract proceeds are allowed exemption for up to the value of only 350 dollars per month.
•Other exempted insurance funds under the Delaware bankruptcy laws include, fraternal benefits, society benefits, proceeds from Group life insurance policy, etc.
•You can also exempt health and disability funds, if any.
•Like most of the other states of America, properties involved in partnership business are exempted for both single and married couple under the Delaware bankruptcy laws.
•The pension funds under the Delaware bankruptcy laws are also exemptible for the following individuals:
◦Police officers
◦Kent County employees
◦Volunteer firefighters
◦State employees
•Personal properties that are exemptible under the Delaware bankruptcy laws include books, family pictures, Bible, clothing, jewelry, musical instruments, sewing machine, etc.
•Exemptible wild card includes any type of personal properties for up to the value of five hundred dollars.