Is there a limit to the amount of debt I can have when filing for bankruptcy?

In Delaware, as in all states, a person filing for bankruptcy is limited in how much debt they can have. This limit is known as the “Bankruptcy Code” and it has limits on the amount of debt you can have when filing for bankruptcy. Under Delaware’s Bankruptcy Code, there are limits on the amount of unsecured debt an individual can have. Unsecured debt includes credit card debts, medical debts, payday loans, and other consumer debts. The limit on the amount of unsecured debt an individual can have when filing for bankruptcy in Delaware is $394,725. There are also limits on the amount of secured debt an individual can have when filing for bankruptcy in Delaware. Secured debt includes home mortgages and car loans. The limit on the amount of secured debt an individual can have when filing for bankruptcy in Delaware is $1,184,200. Finally, there is a limit on the total amount of debt an individual can have when filing for bankruptcy in Delaware. This limit is called the “Total Debt Limit” and it is $1,578,925. This is the total amount of unsecured and secured debt an individual can have when filing for bankruptcy in Delaware. In sum, there are limits to the amount of debt you can have when filing for bankruptcy in Delaware. The Bankruptcy Code sets limits on both unsecured and secured debt, as well as a Total Debt Limit. Knowing and understanding these limits before filing for bankruptcy is essential in order to ensure a successful outcome.

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