National Divorce & Bankruptcy Center

Connecticut Bankruptcy Property Exemptions:
What You Can Keep

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EXEMPT PROPERTY: The property you can keep after bankruptcy.

Some property in many states is exempt regardless of its value i.e. "all personal possessions". Many states also have a 'wild card' exemption which can be applied to any type of property or split among several different items.

An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.

To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.

Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.

Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property 

CONNECTICUT State Exemptions  (for
bankruptcy)

Federal exemptions are NOT available in CT.

Homestead real property, mobile home or manufactured home to $75,000

Insurance:     Fraternal benefit society benefits
          Disability benefits paid by association for its members
          Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors
          Health or disability benefits
          Life insurance proceeds or avails
          Unmatured life insurance policy loan value to $4,000

Miscellaneous    Property of business partnership
          Child support
          Alimony to extent wages exempt
          Farm partnership animals and livestock feed reasonably required to run farm where at least 50%
               of  partners are members of same family
                    
Pensions  ERISA qualified benefits, to extent wages exempt only payments being received
          Municipal employees
          Teachers
          Veterans
          State employees
          Probate judges and employees

Personal  Appliances, food, clothing, furniture and bedding needed
          Burial plot
          Health aids needed
          Motor vehicle to $1,500
          Proceeds for damaged exempt property
          Residential utility and security deposits for 1 residence
          Wedding and engagement rings

Public         Aid to blind, aged, disabled, AFDC
Benefits  Unemployment compensation 
          Worker's Compensation
          Crime victims compensation
          Veterans benefits
          Social security
          Vietnam veterans' death benefits
          Wages from earnings incentive program

Tools of  Arms, military equipment, uniforms, musical instruments of military personnel
Trade          Tools, books, instruments & farm animals needed


Wages          Minimum of 75% of Earned but unpaid wages, pension payments; bankruptcy judge may    
     authorize more for low income

Wild Card $1,000 of any property