Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy because a bankruptcy trustee can liquidate (sell) a filer’s non-exempt assets to cover part of the outstanding bills they owe.
But don’t panic–most Chapter 7 bankruptcy filers get to keep all of their property because most filers don’t have any non-exempt assets, and thus there’s no actual liquidation.
If you’re thinking about filing bankruptcy, call my office to talk about bankruptcy today.
Connecticut Bankruptcy Exemptions
The following information provides a simple introduction to Connecticut Chapter 7 exemptions.
Chapter 7 bankruptcy exemptions in the state include:
Homestead: Real property up to $75,000 for each owner.
Vehicles: 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
Connecticut Chapter 7 bankruptcy exemptions can be quite specific and can even get confusing.
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