A weakened financial condition which makes it almost impossible for individuals and organizations to clear their outstanding debts is often referred to by the term 'Bankruptcy'. The state of Delaware is located in the Atlantic coast of United States of America. The financial turmoil which has plagued the entire nation in recent times, has also hit Delaware hard as indicated by the statistics mentioned latter.
The Delaware Bankruptcy Court is the authority to go to in Delaware when you need to file for bankruptcy. Irrespective of the nature of the bankruptcy or the chapter under which it has been filed, the court handles all forms of bankruptcy applications. Once an application has been made, it is for the court to decide whether the plea is legitimate and deserves being approved. If it is not so, then the bankruptcy claim may be rejected. Furthermore, for future reference as well as public usage, the court maintains a record of all bankruptcy appeal cases and their subsequent proceedings.
The Delaware Bankruptcy Courts had to be more prudent while accepting bankruptcy claims in recent times. This is because of the tumultuous situation prevalent in the state of Delaware due the credit crunch has forced a number of people to adopt unscrupulous means to get financial aid from the legal institutions of the state. To a certain extent, the people are not always at fault. Thousands have lost their jobs and many more have lost their homes. They are mentally and financially broken. Also, the state government of Delaware must spread awareness regarding the present situation and how to get financial help through bankruptcy filings in Delaware Bankruptcy Courts. This should be done sooner rather than latter because the criminals in the society are wasting no time in getting innocent people to the wrong path.
Delaware bankruptcy court records include all statistics related to cases of bankruptcy in the state. One can file for a bankruptcy under Chapter 7 and Chapter 13 of the federal laws. Under liquidated bankruptcy or Chapter 7 bankruptcy, the assets are reduced to cash and the amount paid to the creditors by the trustee. However, if the U.S Trustee observers that the debtor has assets worth more than the amount specified in Chapter 7, then the debtor has to file for a Chapter 13 bankruptcy. According to this chapter of bankruptcy, the debt amount can be cleared over a certain period of time.
The Delaware Bankruptcy court provides basic bankruptcy information not only to the citizens of Delaware but also to the creditors, debtors, court personnel and the media. The information ranges from explanation of different bankruptcy laws to the various chapters of bankruptcy filing and answers to the most frequently asked question about the entire process of Delaware Bankruptcies.
Delaware Bankruptcy Records also provides information on the several exemptions. Some of the exemptions are listed below:
- Any person can be exempted up to the maximum limit of US$ 5000 as total exemptions and a couple can get an exemption up to maximum limit of US$ 10000 as total exemptions under section 10-4914
- No exemptions are provided for homestead under the Delaware Bankruptcy Laws, but if a property is occupied by tenants then it might be exempted under In re Hovatter section 25 B.R. 123
- Income from agreed allowance is exempted up to the maximum limit of US$ 350 every month under section 18-2728
Find Delaware Bankruptcy Records Online
You may need to check on a person's financial history before giving him a loan or a business before investing in it. This task becomes easy if you know where to look. All Delaware bankruptcies are kept filed in the state official records for further reference. These records are made available to the public so that you can check for someone's credit history and know everything before associating with him with regard to financial matters. These records are also of great use for the Attorneys who often need to refer to such records for their work purposes. Moreover cases of Delaware Bankruptcies are presented as case studies to law students or to a person doing post graduate research in bankruptcy related matters. The Delaware Bankruptcy Court is located at Wilmington. However, you need not visit the court to check for the records. You can do it sitting at your home. You just log on to a website that offers all such records online and search for the particular file.
The question that would be in your minds now is about the website to visit in order to get hold of the Delaware Bankruptcy Court Records. This is an important question because not all websites providing such records can be trusted to provide relevant or even reliable information. There have been a number of instances where the information provided by certain websites is not up to date. Moreover, some private websites charge its users a large sum of money as service fees for carrying out Delaware Bankruptcy search and provide them with only a brief overview of the cases. Hence, you must choose your source of information with care.
For example, if you are only concerned with getting a brief overview of the Delaware Bankruptcy Records, we recommend the VCIS or the Voice Case Information System. For using this system, the citizens of Delaware need to call a toll free number provided on the official website of the Delaware Bankruptcy Court. The call is answered by the courts computer which provides the citizens with a brief answer to their query. VCIS is a free service.
But what if you are in need of detailed Delaware Bankruptcy Court Records. In such cases PACER is the undoubtedly the best option. PACER stands for Public Access to Court Electronic Records, a system which maintains all the bankruptcy records of different state courts centrally. Only, the format of maintenance of information varies from one state to another. PACER requires the users to register the first time he or she uses this service. On successful registration, the user is provided with a username and a password. The most important reason behind the growing popularity of PACER in searching for information related to Delaware Bankruptcies is its convenience. PACER service can be availed from your homes provided you possess an internet connection. Moreover, it is highly cost effective with each page costing only 0.08 dollars. This service is available all round the week at any time you please.
The information obtained from Delaware Bankruptcy Records include the names of the debtors, the names of the creditors, the attorneys involved with their contact details, the trustees involved in the case with their contact details , the addresses of debtors and creditors , the present case situation, the social security numbers of debtors, the income tax id of debtors and so on. A proper analysis of the information obtained from the Delaware Bankruptcy Court records is of paramount importance in recent times if you are intent on saving your credit.