Which chapter bankruptcy should I file in Delaware?

You may be asking yourself that if I'm filing bankruptcy in Delaware which chapter do I file. And the answer is, it depends. Each chapter has it's own requirements that are designed to fit different circumstances. Chapter 7 is for liquidating assets and getting the bankruptcy over quickly. Chapter 13 is about paying back debt over a 36-60 month period of time. Both will discharge assets at the set date, provided all requirements have been met. 

Qualifying for Chapter 7 or 13

If the petitioner is under the median income for Delaware, they can automatically qualify for chapter 7. In the case that the petitioner is over the median, they can fill out the long form version of the means test to try to qualify for a 7. A debtor that cannot pass either version of the means test will have to file under chapter 13. This requires determining a monthly payment and making sure they're made throughout the length of the bankruptcy.

Obtain Legal Assistance

It's best to hire a lawyer to assist with filing. Bankruptcy is a complicated process, one that's not to be taken lightly. A lawyer that practices in Delaware will be able to determine which chapter of bankruptcy to file under.