The Bankruptcy Code provides that people who qualify for and file for bankruptcy relief are entitled to a fresh start. In Delaware, that means a husband and wife can keep up to $50,000 of net assets and up to $125,000 of net equity in their home. The value of homes and cars, to the extent that they are collateral for mortgage or other loans, are not included in the above amounts. As long as the payments continue on those loans, the house, car and other property can usually be retained.
If you are having trouble paying your bills, call for a free initial consultation, we’ll tell you what alternatives you may have to bankruptcy, and whether or not you qualify for bankruptcy relief.