Can I keep certain types of property when filing for bankruptcy?

When filing for bankruptcy in Delaware, certain types of property can be exempt from collection by creditors. This means that the debtor (the person filing for bankruptcy) can keep the property even though they have any outstanding debts. For example, under Delaware law, some personal property that can be exempt from collection includes certain amounts of cash, household furnishings and goods (up to a certain amount), and jewelry (up to a certain amount). In addition, any tools of the debtor’s trade are exempt from collection, as is any public assistance that the debtor has received. In addition, certain amounts of equity in a home or vehicle are also exempt from collection in Delaware. In fact, Delaware has very generous homestead protections, which allow debtors to keep up to $125,000 worth of equity in their primary residence. This amount increases to $225,000 for married couples filing jointly. Finally, some types of retirement accounts are exempt from collection in Delaware. These include 401(k)s, IRAs, and other pension plans. Overall, even when filing for bankruptcy in Delaware, some types of property can be kept by the debtor. This includes certain personal property, some equity in a home or vehicle, and certain types of retirement accounts.

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Can I keep certain types of property when filing for bankruptcy?

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