I am thinking of filing for bankruptcy (Chapter 7). A quick search on Google brought this up:
Under Delaware bankruptcy laws, you may keep:
Family Bible, school books, family library, family pictures, seat or pew in a church or public place of worship, a lot in any burial ground and clothes
Tools, implements and fixtures needed to carry on trade or business, not exceeding $75 in New Castle and Sussex Counties or $50 in Kent County
Sewing machines used by seamstresses or private families
Pianos or organs that are leased or hired
Personal property to $500
85% of wages, salaries and commissions
Partnership property
Estate property to $5,000, except tools of the trade
Retirement plans and rollover contributions
Employee group life insurance proceeds
Insurance proceeds
Annuity contract proceeds
Workers’ compensation payments
Unemployment compensation
Public assistance
I’m lost. So pretty much MOST of what I own is gone? I aqquired 90% of these items before the reason of my bankruptcy, for one. Secondly, personal property to $500. So my car (which I worked GODDAMN hard to pay off) and my computer is taken? I’m confused. I don’t remember this much trouble with my mom’s bankruptcy, but then again this was 9-10 years ago.
My husband is paying for one car but we co-own a car. Will they take his car or since he’s still paying for it and it’s solely in his name, they won’t touch it.
Also, what about him? How much does he get affected by me filing?
Yah00_M said:
Jul 23, 09 at 11:19 amThe laws that you found for the state of Delaware are outdated and look more like the figures from before 1990. I would strongly suggest a bankruptcy attorney or contacting consumer credit counseling. If you file for bankruptcy, the state WILL NOT take your only vehicle or computer. They may take a vehicle only if you have multiple vehicles. And a computer and vehicle are both "tools" to be used to find a job if you are ever out of work. The computer is also used to ask for sage advice on the Internet, like Yahoo Answers!
SCDiva said:
Jul 23, 09 at 2:08 pmthe best way to get a right answer is going to be by contacting a local bankruptcy attorney. most will give you beneficial info by phone for free. good luck!
Allison said:
Jul 23, 09 at 3:24 pmIs Chapter 13 not an option, where you could keep the car?
I do not know the reason for your bankruptcy. I assume it is something so drastic that working 2 or 3 jobs for the next few years, having no vacations, not eatng out, liquidating a 401K or other retirement plan, etc. is not an option. I don’t need to know what it is I am just offering options. I understand that going through a bankruptcy can be disastrous, so I try to encourage people to avoid it
My personal hero is financial counselor Dave Ramsey. Here is what he learned from his bankruptcy experience. He never, ever borrowed money for a car again, for starters. Someone let him borrow a raggedy old car (after he’d been driving a Jaguar that he sold the day before it was repossessed). and he drove that until he could afford a thousand dollar car. He never used credit cards again or borrowed money for anything. I put his website below.
You could even try calling his radio show; he is very kind to his callers (not like some idiots on the radio) and you could get real advice from someone who’s filed for bankruptcy and came back from it as a huge success. (By the way, he ended up going back & repaying all his creditors)
I know this is hard for you. I hope things can work out to your advantage..
zeuz said:
Jul 23, 09 at 8:05 pmIt looks right to me.
Gregory said:
Jul 23, 09 at 11:43 pmYou should contact a bankruptcy attorney. The laws have recently changed. But with a chapter 7 you will not get to keep much at all.