Bankruptcy Exemptions in Connecticut
Assets you can keep through Bankruptcy
Bankruptcy exemptions are those assets that are not subject to liquidation in bankruptcy. Naturally, the vast majority of debtors hope to keep as many assets as they can, in spite of a bankruptcy filing.
Payment Plans Available
We understand that when you are facing financial difficulties, it can be hard to come up with the entire fee for filing bankruptcy all at once. We have easy payment plans available to help you be able to afford the immediate relief you deserve. For more information about getting started with our easy payment plan, call 203-326-1229 or contact us online.
"What Can I Keep?" Talk to an Experienced Norwalk Bankruptcy Law Attorney
As you prepare to file bankruptcy, consult with a knowledgeable bankruptcy law attorney to understand clearly how to classify your assets, such as:
- Unsecured debts versus secured debts: A car loan is a secured debt, which means that the lender can repossess the car if you do not pay. Credit card balances for goods and services already consumed is unsecured debt. There is nothing to repossess per se.
- Federal versus state exemptions: Depending on your circumstances, it may be to your advantage to use Connecticut state exemptions or federal exemptions spelled out in the U.S. Bankruptcy Code.
- Connecticut homestead exemption versus federal real property exemption. (The Connecticut exemption for real property is much more generous.)
- Car or truck exemption
- Insurance exemptions (disability benefits life insurance, health benefits and/or unemployment benefits)
- Alimony and child support exemptions
- Retirement savings exemptions
- Personal property exemptions versus tools of the trade
- Wedding rings, burial plot, health aids, musical instruments and more
- Wage garnishment exemptions
- Wild card exemptions
Any assets that fall under the category of exemptions (either state or federal, depending on which of these you use) will not be liquidated in your Chapter 7 or Chapter 13 bankruptcy. A no-obligation consultation with an experienced lawyer is a good starting point for the task of characterizing assets.
Speak with an Experienced Bankruptcy Attorney
Questions about bankruptcy? Get answers now. When you choose our law office, you work directly with an experienced bankruptcy attorney, not a paralegal or staff memeber. For more information directly from an experienced bankruptcy attorney, or to get started with our easy payment plan, call 203-326-1229 or contact us online.
Contact Our Connecticut Bankruptcy Law Offices
When you retain our bankruptcy law services, you can expect to be well-informed and prepared to make decisions in your own best interest. Call us today to schedule a free consultation with a Norwalk bankruptcy lawyer and get started with our easy payment plans at 203-326-1229.