SENATE SUBSTITUTE NO. 1 FOR
SENATE BILL NO. 143
AS AMENDED BY
SENATE AMENDMENT NO. 1
AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO EXEMPTIONS FROM EXECUTIONS IN BANKRUPTCY AND IN INSOLVENCY.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §4914(b), Title 10, Delaware Code by deleting the figure “$5,000” and substituting in lieu thereof the figure “$25,000” and by adding the words ‘in this subsection and’ after the word ‘made’.
Section 2. Amend §4914, Title 10 of the Delaware Code by deleting subsections (c) and (d) in their entirety, and by substituting in lieu thereof, new subsections (c) and (d) to read as follows:
“(c) In any federal bankruptcy or state insolvency proceeding, an individual debtor and/or such individual’s spouse domiciled in Delaware shall be authorized to exempt from the bankruptcy or insolvency estate, in addition to the exemptions made in subsection (b) hereof and in § 4915 of this Title, the following: (1) equity in real property or equity in a manufactured home (as defined in Chapter 70 of Title 25) which constitutes a debtors principal residence in an aggregate amount not to exceed $50,000, and (2) a vehicle and/or tools of the trade necessary for purposes of employment in an amount not to exceed $15,000 each.
(d) This Section shall apply separately with respect to each debtor in a joint case but not to exceed $25,000 each in value in personal property, a total not to exceed $50,000 in value in a principal residence in an individual or a joint case, and $15,000 each in subsection (c) vehicle and $15,000 each in subsection (c) tools of the trade.”
Approved July 7, 2005