Consumer Bankruptcy Lawyers in Dover, Delaware

Find the right Consumer Bankruptcy attorney in Dover, DE

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is normally considered as an option of last resort, because while it can stave off financial disaster, it has some considerable long-term consequences warranting careful consideration of the costs and benefits. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Delaware is essentially the same as the process anywhere else in the United States. However, particular courts in Dover, Delaware will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Dover, Delaware

There are 2 main types of consumer bankruptcy in Dover, Delaware: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Dover, Delaware. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Dover, Delaware

Chapter 13 Bankruptcy in Dover, Delaware differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Dover, Delaware

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Whatever your situation, you should speak with a local Dover, Delaware bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Dover

Dover, Delaware is the capital of Delaware, and its second-largest city. It has a population of about 36,000 people.

Dover, Delaware was founded in 1683 by British colonists. Dover is perhaps best known as being the home of Caesar Rodney, a popular lawyer and wartime leader during the American Revolution. The city was also an important stop on the Underground Railroad, even though the population of Dover was sharply divided on the issue of slavery. Many Dover, Delaware lawyers helped runaway slaves once they arrived.

Modernly, Dover's economy is fairly diverse. The largest employer in Dover, as well as in the entire state of Delaware, is the state government. The vast majority of the state's administrative functions are located in and around Dover. Another major employer is the Dover Air Force Base. This federal presence, along with the state government, employs many Dover, Delaware lawyers.

Residents of Dover, Delaware who need legal advice should have little trouble finding a good Dover, Delaware attorney.

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