|
 |
Property Exemptions as Per Connecticut Bankruptcy Laws
By
Saurabh K Jain
In comparison to
the other states of the United States of
America, the Connecticut bankruptcy laws are
different in a sense that the property
exemptions for personal insolvency have been
interpreted in Connecticut in a different
way. Let me give you a brief insight into
the same.
Homestead Exemptions
The homestead exemption under the
Connecticut laws includes all the real
properties, no matter, whether they are
mobile properties or manufactured home. The
insolvency rules in Connecticut allow the
debtor to exempt homestead properties, up to
the extent of seventy five thousand dollars.
Insurance Property Exemptions
The insurance property exemptions under the
Connecticut bankruptcy laws include the
following:
Health or disability benefits
Fraternal benefit society benefits
If the association pays some sort of
disability fund for its members, the amount
of such fund is also exempted as per the new
rules in Connecticut.
Pension Fund Exemptions
The pension fund exemptions under the
Connecticut liquidation commandments are
applicable only for the following
individuals:
Teachers
State employees
Probate judges and employees
Municipal employees
Personal Property Exemptions
When it comes to various property exemptions
under the Connecticut insolvency rules,
personal property exemptions play a very
important role. The personal property
exemptions include the following:
All sorts of wedding and engagement rings up
to any value
If there are any residential utility and
security deposits for residence, the debtor
is also allowed to exempt that amount, but
please note that such exemptions are allowed
only for one residence.
You can also exempt motor vehicles, but only
up to the amount of fifteen hundred dollars.
Other personal property exemptions under the
Connecticut bankruptcy laws include bedding,
furniture, clothing, food, and different
kinds of home appliances. Burial plot is
also considered as exempted by the courts in
Florida.
Tools of Trade Exemptions
As per the Connecticut bankruptcy laws, the
various tools of trade are also considered
as exemptible properties. Such properties
may include musical instruments, uniforms,
military equipment, and Arms of the military
personnel. Besides that, the required amount
of farm animals, various instruments, books
and other tools are allowed to be exempted
under the tools of trade exemptions.
Wild Card Exemptions
Not every state has included wild card
exemptions under their specific laws, but as
per the Connecticut liquidation regulations,
you will be happy to know that you can still
claim to exempt any property up to the value
of one thousand dollars.
Wages Exemptions
If there are any earned but unpaid wages, as
per the Connecticut liquidation rules, you
can exempt at least three fourth of that
amount. It means, if the total amount of
such wages is 10000 dollars, you can get
exemptions of a minimum amount of 7500
dollars.
If you are a permanent resident of
Connecticut and are thinking about filing
bankruptcy for personal bankruptcy, it is
important for you to understand the various
property exemptions as per the Connecticut
bankruptcy laws. You should also note the
effects that the new bankruptcy laws have
brought in this regard.
Conclusion
Are you one
of the many that suffer from insurmountable
debt and wonder if bankruptcy is an option?
Give us a call at (203) 924-6700 or
contact us.
|
At these seminars an attorney will personally go over your
mortgage looking for a defense