Keeping Your Assets Through Exemptions
If you’re considering bankruptcy, one of your main concerns is whether you can keep any of your assets. Luckily, Connecticut has very liberal chapter 7 bankruptcy exemptions. You have the option to claim exemptions at the state or federal level and in the vast majority of cases, your very important assets will be protected.
The following is a sample list of the assets you can save with bankruptcy exemptions:
- Household furniture
- Tools of the trade (unlimited exemption)
- Wedding and engagement rings and other jewelry
- Cash value life insurance policies and unmatured life insurance
- All veterans benefits
- All unemployment and workers’ compensation benefits
- All public assistance
- Disability payments
- All required health aids, such as wheelchairs, CPAP machines and respirators
- A “wild card exemption” of up to $11,750 to protect assets such as cash, bank deposits and miscellaneous assets
This is just a partial list of the assets you may be able to retain when filing for Chapter 7. At the Hartford, Connecticut, The Law Offices of Ronald I. Chorches, our experienced bankruptcy attorneys make sure that you take advantage of all exemptions made available to you by the federal or state government.
We’re Ready To Help
If you would like more information you can set up a free consultation with us to learn more about which assets and property are exempt in bankruptcy. You can also call us at 860-563-3955 to set up a call-back with one of our attorneys.