Email this page to a friend

Connecticut Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your Connecticut bankruptcy lawyers can use state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Connecticut bankruptcy exemptions that a bankruptcy lawyer can use to help keep creditor's hands off your cherished possessions. The Connecticut bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a bankruptcy case is often very involved. Additionally, the Connecticut bankruptcy exemptions below are not an exhaustive list, therefore you should contact a U.S, federal bankruptcy attorney to determine the other types of property that you own which may be exempt.

Homestead Connecticut Bankruptcy Exemptions

This exemption can be used to protect up to $75,000 in equity in your house, condominium, or in a mobile home and land upon which it is located. Unfortunately the total exemption claimed by both spouses may not exceed $75,000 even if a joint bankruptcy is filed.

Motor Vehicle Connecticut Bankruptcy Exemptions

Your lawyers can use this exemption to protect $1,500 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you file U.S. federal bankruptcy with a spouse a lawyer can use both vehicle exemptions to protect up to $3,000 in vehicle equity as long as both you and your spouse are on the title to the car.

Household Furniture Connecticut Bankruptcy Exemptions

This exemption allows your lawyers to protect your household furniture in items ranging from your kitchen table to your living room couch.

Life Insurance Proceeds Connecticut Bankruptcy Exemptions

This exemption can protect 100% of the value in life insurance that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Retirement Plan Connecticut Bankruptcy Exemption

Your lawyers can prevent creditors from touching the proceeds of your many types of retirement plans. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings match a specific type of retirement plan.

Tools of the Trade, Professional Books Connecticut Bankruptcy Exemption

This is a useful exemption that can be used to protect up the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Connecticut Bankruptcy Exemptions

Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation Connecticut Bankruptcy Exemptions

This exemption can help to protect 100% of compensation you receive under Connecticut workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Connecticut, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Wildcard Connecticut Bankruptcy Exemptions; (Any Personal Property of Debtor):

Last, but probably most important of the exemptions is the Wildcard Exemption. Using the Wildcard Exemption in your U.S. federal bankruptcy case, your lawyers can protect up to $1000 of any type of personal property. They can protect anything you own that has equity in excess of the above exemptions.

Learn more about Federal bankruptcy exemptions.