Connecticut, CT Bankruptcy Exemptions

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The Essential Connecticut Bankruptcy Information Guide

Connecticut, CT Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE.
All law references are to Connecticut Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Connecticut Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property, including mobile or manufactured home, up to $75,000. This only applies to claims arising after 1993. In money judgement cases arising out of services provided at a hospital, up to $125,000.	52-352b
INSURANCE	Disability benefits paid by association for its members	52-352b(p)
	Fraternal benefit society benefits	38a-637
	Health or disability benefits	52-352b(e)
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	38a-454
	Life insurance proceeds, dividends, interest, or cash or surrender value	38a-453
	Unmatured life insurance policy dividends, interest, or loan value up to $4,000, if you or a person on whom you are dependent is the person whose life is insured.	52-352b
MISCELLANEOUS	Alimony, to extent wages exempt	52-352b(n)
	Child support	52-352b(h)
	Farm partnership animals and livestock feed reasonably required to run farm where at least 50% of partners are members of same family	52-352d
PENSIONS	ERISA-IRAs, Roth IRAs, Keoghs, and other qualified benefits, but only to the extent wages are exempt.	52-352b
	Municipal employees	7-446
	State employees	5-171, 5-192w
	Teachers	10-183q
	Medical savings accounts.	52-321a
	Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Appliances, food, clothing, furniture and bedding needed	52-352b(a)
	Burial plot	52-352b(c)
	Health aids needed	52-352b(f)
	Motor vehicle to $1,500	52-352b(j)
	Proceeds for damaged exempt property	52-352b(q)
	Residential utility and security deposits for 1 residence	52-352b(l)
	Wedding and engagement rings	52-352b(k)
	Transfers made to a nonprofit debt adjustor; and $1,000 of any property	52-352b
	Spendthrift trust funds needed for support	52-321
PUBLIC BENEFITS	Aid to blind, aged, disabled, AFDC	52-352b(d)
	Crime victims’ compensation	52-352b(o), 54-213
	Social security	52-352b(g)
	Unemployment compensation	31-272(c), 52-352b(g)
	Veterans’ benefits	52-352b(g)
	Workers’ compensation	52-352b(g)
TOOLS OF TRADE	Arms, military equipment, uniforms, musical instruments of military personnel	52-352b(I)
TOOLS OF TRADE	Tools, books, instruments and farm animals needed	52-352b(b)
WAGES	Minimum 75% of earned but unpaid wages or 40 times the state or federal minimum hourly wage; the greater of the two amounts will be used	52-361a

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