You don’t start a business thinking it will fail and you will end up researching bankruptcy law in Delaware. However things don’t always go as planned and there may come a time when filing bankruptcy in Delaware becomes the best course of action for yourself and your business.

Take the time to research Delaware bankruptcy law before you begin the bankruptcy process. You want to know what the process will be like and what exemptions you are entitled to before you make the final decision to file for bankruptcy protection. Before filing for bankruptcy keep in mind the following:

1. View a bankruptcy in Delaware as an ending to one chapter of your life and the beginning to a new and more prosperous chapter of your life.
2. Know how bankruptcy law in DE will affect your life and your business.
3. Learn from your bankruptcy filing so you won’t have to file again in the future.

Action Steps
The best contacts and resources to help you get it done

Know what property you can keep under bankruptcy laws in Delaware

Knowing and understanding the exemptions you have available to you will make it easier to navigate the laws on business bankruptcy in Delaware. You need to know what property you can and cannot keep before you file for bankruptcy so you can prepare accordingly.

I recommend: Delawarebankruptcy.com has a chart that details the exemptions that are available under Delaware bankruptcy law. BankruptcyInformation.com also has a chart with all of the available exemptions in Delaware as well as links to the forms you need to file and a host of other Delaware bankruptcy information.

Know under which chapter of Delaware bankruptcy law you will have to file

With the passage of the 2005 bankruptcy laws, filing for bankruptcy has changed drastically. Bankruptcy laws in Delaware have been changed accordingly. You should have a thorough understanding of what the process entails so you can make an informed decision on whether filing for bankruptcy protection is right for you.

I recommend: Lawyers.com has a detailed explanation of the process of a bankruptcy in Delaware. The United States Bankruptcy Court District of Delaware has an explanation of the bankruptcy process that includes explanation of how the new bankruptcy laws affect new filers.

Find a good Delaware bankruptcy attorney

A good lawyer is absolutely necessary when filing for bankruptcy. They can walk you through Delaware bankruptcy laws and explain the process to you in detail. There are plenty of top notch Delaware bankruptcy lawyers. Take the time to find one that is a good fit for you and your company.

I recommend: Delawarebankruptcyattorneys.com has a wealth of information on Delaware bankruptcy attorneys, and offers a search that will allow you to get a free consultation form a bankruptcy attorney in your area. Morris James LLP's Bankruptcy and Creditors' Rights Group is one of many Delaware bankruptcy law firms that focus on consumer debt.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Review your assets and debt before filing for bankruptcy in Delaware. Property that you can't claim as an exemption may be sold to pay off to your creditors. Be sure to claim all property that you are eligible to keep as exempt or the exemptions will not be given.