What Are the Connecticut Bankruptcy Exemptions?
Connecticut residents looking to file for bankruptcy may be wondering what the state's bankruptcy exemptions are. Bankruptcy exemptions play an important role in determining which assets can be kept in a Chapter 7 or Chapter 13 bankruptcy filing. Knowing what assets can be exempted from liquidation is essential when considering bankruptcy and deciding how to protect certain property.
In Connecticut, all debtors who file for Chapter 7 or Chapter 13 bankruptcies are subject to the state exemptions provided by the Connecticut General Statutes. These rules allow debtors to keep certain possessions, such as equity in homes, vehicles, furniture and jewelry up to a certain value when filing for bankruptcy protection. Depending on your individual circumstances, some of your assets may not be eligible for exemption protection under the Connecticut laws; however, federal law does provide some additional exemption options that may cover these items.
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