What are the Connecticut Bankruptcy Exemptions?
Connecticut law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with a Connecticut bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Connecticut. In general, the major Connecticut bankruptcy exemptions include:
|GENERAL CONNECTICUT EXEMPTIONS|
|Real Estate (Homestead)
Exemption is $75,000 for family member living with one or more non-owner family members; $150,000 for a person who is 65 or older, disabled, or who is 55 or older with an annual gross income of $15,000 or less if single or $20,000 or less if married. $50,000 for all other persons.A provision in the new bankruptcy law caps the homestead exemption at $125,000 if you have not lived in the state for at least 40 months prior to the time you file a bankruptcy petition. In some situations, the cap may be permanent. You should consult with a Connecticut bankruptcy attorney for specific information.
Up to $2,300 of the equity in all automobiles can be protected.
Household furnishings, appliances, provisions, wearing apparel, and other personal effects are 100% exempt if they are ordinary and necessary. $6,075 each for jewelry and personal property used in the debtor’s trade or business is exempt.
|View the complete list of Connecticut bankruptcy exemptions|
Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.
Which state’s exemption laws apply in your bankruptcy?
Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.
If you have not lived in the same state for the 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.
If application of the preceding general rules renders you ineligible for exemptions under any state’s laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.
Is Connecticut a community property state?
No, Connecticut is not a community property state. Because it is not a community property state, you will be responsible for your spouse’s debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.
Did your senator vote in favor of the new bankruptcy laws?
Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?
Dodd (D-CT) — NAY
Lieberman (D-CT) — YEA
Connecticut Bankruptcy Court Locations:
915 Lafayette Boulevard
Bridgeport, CT 06604
Hartford Main Office
450 Main Street
Hartford, CT 06103
New Haven Office
157 Church Street
New Haven, CT 06510
Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.
Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.