Connecticut Bankruptcy Laws
Connecticut Bankruptcy Info For Chapter 7 and Chapter 13
If are you are thinking about filing bankruptcy in Connecticut, speak with a local lawyer to find out more about how the Chapter 7 and Chapter 13 bankruptcy laws may affect you. Make an informed decision about what is best for you.
To speak with a local bankruptcy attorney, simply fill out the form on this page or call 877-349-1309. For more information on Connecticut’s bankruptcy laws, read on.
Connecticut Bankruptcy Laws
Your Connecticut bankruptcy lawyer will probably begin by explaining the bankruptcy process. He or she will also likely ask you important questions about your debts, property you own, and your financial goals. The answers you provide may help determine if filing Chapter 7 or Chapter 13 bankruptcy may be best in your situation.
Chapter 7 bankruptcy is often simply called “liquidation” because the bankruptcy trustee in Chapter 7 bankruptcy cases may liquidate (sell) any non-exempt assets owned by the debtor. The good news is that in most Chapter 7 bankruptcy cases, the debtor does not own any non-exempt assets. Many unsecured debts may be discharged in Chapter 7 bankruptcy and very often there is no liquidation.
If you decide to file Chapter 7 bankruptcy, talk to your Connecticut bankruptcy lawyer about which and how much of your property may be exempt from liquidation.
Homestead
- Real property up to $75,000.
Wages
- Up to 75 percent of disposable earnings.
Automobiles
- Up to $3,500 for an automobile.
Personal Property
- Necessary apparel, bedding, foodstuffs, household furniture and appliances, wedding and engagement rings, and hearing aids are all 100 percent exempt.
- Necessary tools, books, instruments, farm animals and livestock feed are 100 percent exempt.
Chapter 13 bankruptcy is referred to as “reorganization.” Debtors who file Chapter 13 bankruptcy may be able to keep most of their property. Chapter 13 bankruptcy requires the creation of a 3-5 year debt repayment plan to catch up on past due debts.
If you find that filing Chapter 13 bankruptcy is your best option, one of the first things you will do is create a proposed debt repayment plan.
The Important Role of Your Connecticut Bankruptcy Lawyer
In Connecticut, bankruptcy laws are complex, narrow and very specific. Many people who consider filing bankruptcy often feel overwhelmed by all of the details. Your attorney will likely explain the bankruptcy process in detail to clear up any confusion that you may have about your Chapter 7 or Chapter 13 bankruptcy case.
We make it easy to find a local bankruptcy lawyer. Simply fill out the free case evaluation form on this page or give us a call at 877-349-1309, and we’ll connect you with a sponsoring Connecticut bankruptcy lawyer near you.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.
Read complete details on Connecticut bankruptcy laws.