A bad financial condition can result in debt and lead to numerous types of problems that can make you stressed out and overwhelmed. As such, this article is written to introduce a solution that can help you ease the burden of debt. You may be wondering why this article isn’t focused on Chapter 13 bankruptcy in the entire country. We have written a well descriptive article on Chapter 13 bankruptcy in the U.S., we’re now writing on the aspects of Chapter 13 bankruptcy that is peculiar to the state of Delaware. During a 12-month period ending June 30,2019, there were 1,374 Chapter 7 and 952 Chapter 13 filings.
Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
Before going into the details of chapter 13 bankruptcy that are specific to the state of Delaware, it is essential to understand what chapter 13 bankruptcy is, and how it differs from chapter 7 bankruptcy.
Chapter 13 bankruptcy is also known as the “wage earners” plan. Chapter 13 bankruptcy works by rescheduling a loan you find difficult to pay. Chapter 13 bankruptcy is more used than chapter 7 bankruptcy because most Americans don’t qualify for the criteria of chapter 7 bankruptcy. The reason for this is because the guidelines that qualify people for chapter 7 bankruptcy is very stringent.
Chapter 7 bankruptcy is also called “liquidation” bankruptcy. This type of bankruptcy is for debtors that can prove that they can’t afford to pay their debt, and will like their debt discharged. If you qualify for chapter 7 bankruptcy, your debt will be discharged before the next 120 days after filing for bankruptcy.
If you want to get an estimate of what you’ll pay after the chapter 13 bankruptcy, use our calculator below.
Chapter 13 Bankruptcy in Delaware
In this article, we will discuss the following;
- Payment Plan for Chapter 13 Bankruptcy in Delaware
- Delaware Bankruptcy Exemptions
- Chapter 13 Bankruptcy Delaware Trustees
- Delaware Bankruptcy Districts and Court Locations
- Should I File a Chapter 13 Bankruptcy?
- Payment Plan for Chapter 13 or Chapter 7 Bankruptcy in Delaware
The state of Delware considers the IRS National expense figures when planning the Chapter 13 payment arrangement. They also consider some particular expenses.
It is quite common to see people trying to know what they’ll be required to pay for chapter 13 bankruptcy before they apply. It is also essential to know if you qualify for chapter 7 bankruptcy so that you’ll know if you qualify for the debt write-off, which may be prefarrabe. As such, we’ve created a calculator that can help you check if you’re qualified for Chapter 7 bankruptcy, and how much you will pay per month if you apply for a chapter 13 bankruptcy.
Chapter 13 Calculator
The rough estimate calculator does not give you a well-detailed result, although it is easy to use and understand. As such, we’ll advise that you go for a more thorough calculator. The more precise Chapter 13 Repayment calculator will give you a more precise estimate of what you’ll be required to pay. Have it in your mind that the result is not perfect but an estimation. As such, you may have to speak to your lawyer.
Delaware Means Testing
If you used the calculator above, the Delaware means testing data that is found on this website is used to test if you determine if you qualify for chapter 7 bankruptcy or not. If you need information on the Delaware means test on or after May 1, 2020, check the table below.
|# of People||Annual Income|
Delaware Exemptions for Chapter 13 Bankruptcy
Before applying for chapter 13, bankruptcy in Delaware, find out if you have any asset that is above exemptions. Even if you are eligible for chapter 7 bankruptcy, you should go for Chapter 13 bankruptcy or debt settlement if you a high equity position.
Delawarehas some rules and bankruptcy exemptions that you should consider before filing for bankruptcy. In a situation where you have assets that are above Delaware exemptions, then those assets may be liquidated. Before you apply for a Chapter 13 bankruptcy, you should first review the Delaware by bankruptcy exemptions, before applying for a Chapter 13 bankruptcy.
Delaware Trustees for Chapter 13 Bankruptcy:
The job of a trustee is to administer the bankruptcy plan, and liquidate nonexempt assets. There are more chapter 13 trustees than chapter 7 trustees; this is usually due to the number of people that apply for chapter 13 bankruptcy. Below is the chapter 13 bankruptcy trustee in Delaware
|Michael B. Joseph||(302) 656-0123|
Delaware Trustees for Chapter 7 Bankruptcy
Below is the chapter 7 bankruptcy trustee list in Delaware:
|Don A. Beskrone||(302) 654-1888|
|Jeoffrey L. Burtch||(302) 472-7427|
|David W. Carickhoff, Jr.||(302) 777-4350|
|Alfred T. Giuliano||(856) 596-7000|
|George L. Miller||(215) 561-0950|
Districts and court locations for Delaware bankruptcy
Unlike other states with multiple bankruptcy district, Delaware only has one district with the court located here: 824 Market ST N Wilmington, DE 19801.
Should I apply for a Chapter 13 or Chapter 7 Bankruptcy?
Any debtor that does not qualify for chapter 7 bankruptcy should apply for chapter 13 bankruptcy. If you don’t want to apply for a chapter 13 bankruptcy, you can take your time to find out other ways to ease your debt burden. Some options that you should consider are debt settlement and debt management. If you use our chapter 13 calculator, you will understand the benefits and disadvantages of each of those methods.