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• Chapter 11 Bankruptcy: This is Delaware’s corporate bankruptcy option for businesses that believe themselves to remain fundamentally strong. In Chapter 11 bankruptcy, regular debt payments are halted while a court structures a new debt payment plan that should be more conducive to the life of a business.How do I file for bankruptcy in Delaware?
If you wish to file for bankruptcy, you should do so at the Delaware district branch of the U.S. Bankruptcy Court, which is located at 824 North Market Street, 3rd Floor, in Wilmington. Petitioners may also submit forms by mail and can call the court at 302-252-2900.Does Delaware bankruptcy apply to tax debt?
Delaware bankruptcy law can be, for the most part, of little help to those who suffer primarily from tax debt since most bankruptcy law doesn’t apply to tax debt. There are some exceptions, so seek a qualified Delaware tax attorney to see if Delaware bankruptcy can be helpful for your case.Can I survive a Chapter 7 bankruptcy in Delaware?
• Chapter 7 Bankruptcy: Unlike with corporate Delaware bankruptcy, individuals always survive personal Chapter 7 Delaware bankruptcy, usually coming out of it financially more stable than before. As with the corporate counter-part, this involves the court-ordered liquidity of possessions with little protection.