The Connecticut bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Connecticut. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
In Connecticut, you also have the choice of using the federal exemption statutes instead of your Connecticut exemptions.
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Connecticut you may also use certain federal exemptions in addition to your Connecticut exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
HOMESTEAD | Real property, including mobile or manufactured home to $75,000 | 52-352b(t) |
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 or avails | 38a-453 | |
Un-matured life insurance policy loan value to B$4,000 | 52-352b(s) | |
MISC. | 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 | |
Property of business partnership | 34-63 | |
PENSIONS | ERISA-qualified benefits, to extent wages exempt (only payments being received) | 52-352b(m) |
Municipal employees | 7-446 | |
Probate judges and employees | 45-29o | |
State employees | 5-171, 5-192w | |
Teachers | 10-183q | |
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) | |
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) | |
Vietnam veterans’ death benefits | 27-140I | |
Wages from earnings incentive program | 52-352b(d) | |
Workers’ compensation | 52-352b(g) | |
TOOLS OF TRADE | Arms, military equipment, uniforms, musical instruments of military personnel | 52-352b(I) |
Tools, books, instruments and farm animals needed | 52-352b(b) | |
WAGES | Minimum 75% of earned but unpaid wages | 52-361a(f) |
WILD CARD | $1,000 of any property | 52-352b(r) |
For more information on filing bankruptcy in Connecticut explore Connecticut Bankruptcy Law.
