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2008-02-02 06:41:50
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Article by Saurabh K Jain |
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In comparison to the other states of the United States of America, the Connecticut bankruptcy laws are different in a sense that the property exemptions for personal insolvency have been interpreted in Connecticut in a different way. Let me give you a brief insight into the same.
Homestead Exemptions
The homestead exemption under the Connecticut laws includes all the real properties, no matter, whether they are mobile properties or manufactured home. The insolvency rules in Connecticut allow the debtor to exempt homestead properties, up to the extent of seventy five thousand dollars.
Insurance Property Exemptions
The insurance property exemptions under the Connecticut bankruptcy laws include the following:
-Health or disability benefits
-Fraternal benefit society benefits
-If the association pays some sort of disability fund for its members, the amount of such fund is also exempted as per the new rules in Connecticut.
Pension Fund Exemptions
The pension fund exemptions under the Connecticut liquidation commandments are applicable only for the following individuals:
-Teachers
-State employees
-Probate judges and employees
-Municipal employees
Personal Property Exemptions
When it comes to various property exemptions under the Connecticut insolvency rules, personal property exemptions play a very important role. The personal property exemptions include the following:
-All sorts of wedding and engagement rings up to any value
-If there are any residential utility and security deposits for residence, the debtor is also allowed to exempt that amount, but please note that such exemptions are allowed only for one residence.
-You can also exempt motor vehicles, but only up to the amount of fifteen hundred dollars.
-Other personal property exemptions under the Connecticut bankruptcy laws include bedding, furniture, clothing, food, and different kinds of home appliances. Burial plot is also considered as exempted by the courts in Florida.
Tools of Trade Exemptions
As per the Connecticut bankruptcy laws, the various tools of trade are also considered as exemptible properties. Such properties may include musical instruments, uniforms, military equipment, and Arms of the military personnel. Besides that, the required amount of farm animals, various instruments, books and other tools are allowed to be exempted under the tools of trade exemptions.
Wild Card Exemptions
Not every state has included wild card exemptions under their specific laws, but as per the Connecticut liquidation regulations, you will be happy to know that you can still claim to exempt any property up to the value of one thousand dollars.
Wages Exemptions
If there are any earned but unpaid wages, as per the Connecticut liquidation rules, you can exempt at least three fourth of that amount. It means, if the total amount of such wages is 10000 dollars, you can get exemptions of a minimum amount of 7500 dollars.
If you are a permanent resident of Connecticut and are thinking about filing bankruptcy for personal bankruptcy, it is important for you to understand the various property exemptions as per the Connecticut bankruptcy laws. You should also note the effects that the new bankruptcy laws have brought in this regard.
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