The Connecticut bankruptcy laws are a bit different from the bankruptcy laws of other states of America and the main difference lies in the exemption of properties. There are three bankruptcy district courts in Connecticut that handle all types of bankruptcy cases for the permanent residents of the state. These three courts are located in Bridgeport, Hartford, and New Haven.
Properties Exempted Under The Connecticut Bankruptcy Laws
The exemption of properties has been interpreted under the Connecticut bankruptcy laws in the following manner:
•All types of homestead properties are exempted for up to seventy-five thousand dollars.
•The disability benefits, fraternal benefit, and society benefits are exempted to its full value under the Connecticut bankruptcy laws.
•The proceeds of matured life insurance policies are exempted to its full value, but if the life insurance policies are immature, only up to four thousand dollars of loan value can be exempted.
•All kinds of child support funds are exempted up to its full value under the Connecticut bankruptcy laws.
•Pension funds are also exempted, but only for the following individuals:
◦Municipal employees
◦Teachers
◦State employees
◦Probate judges, and
◦Probate employees
•Cars or other types of motor vehicles for up to fifteen hundred dollars are exemptible.
•The Connecticut bankruptcy laws also specially mention the wedding and engagement rings as exemptible properties.
•Unemployment Allowance, disabled fund, and society fund is exempted to its full value.
•The Vietnam veterans’ death benefits have also been declared specifically as exempted properties under the Connecticut bankruptcy laws.
•All types of tools of trades, including military equipment, Arms, uniforms, and musical instruments for military use, are exempted to its full value.
•All types of books have also been included as exemptible properties under the Connecticut bankruptcy laws.
•Any kind of property under Wild Card is exempted for up to the value of one thousand dollars.
•If the debtor is qualified for some earned but unpaid wages, it is also exempted at the rate of 75 cents on each dollar.