AN ACT TO AMEND TITLE 10 AND TITLE 19 OF THE DELAWARE CODE RELATING TO EXEMPTIONS IN BANKRUPTCY AND DEBT PROCEEDINGS.

This Act increases the exemption in bankruptcy and other debt proceedings for a debtor’s personal residence from $125,000 to $200,000. The exemption has been limited to $125,000 since 2012 while home prices have increased dramatically in the intervening years. It also increases the exemption for tools of the trade and for a vehicle to $25,000 from $15,000. This Act also exempts worker’s compensation awards under the laws of other states from attachment in bankruptcy or other proceedings in the same manner that a worker’s compensation award made under Delaware law is exempt. The Act takes effect on January 1, 2025.