Connecticut Bankruptcy Law: Exemptions That Help Protect Creditors

Connecticut Bankruptcy Law: Exemptions That Assist Protect Lenders

Rik Lovett & Associates
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There are certain exemptions connected to the Connecticut bankruptcy law that helps secure creditors when a debtor submits bankruptcy in Connecticut. One likewise has the choice in Connecticut to get federal exemption statutes instead of the Connecticut exemptions, and it is likewise possible to utilize federal additional exemptions in conjunction with the Connecticut exemptions.

Debtors do not Necessarily Lose Everything in Bankruptcy

Lots of people are under the false impression that bankruptcy means losing everything that the debtor owns in order to satisfy his/her debt. As a matter of truth, the Connecticut bankruptcy law enables debtors to keep a number of things that are essential for the well being of the debtor and his family. In spite of that there is a federal exemption law, Connecticut bankruptcy law allows you to choose in between state and federal exemption laws.

Items that are exempt under Connecticut bankruptcy law include individual effects, furnishings, automobiles (subject to a defined amount of equity), and tools of trade, equity in home, clothing, family items as well as books and fashion jewelry.

It ought to not be difficult to locate a Connecticut bankruptcy law lawyer, because there are a variety of them that specialize in offering service to all kinds of clients. You will have the ability to get reliable counsel throughout Connecticut that handles unanticipated medical costs, divorce or joblessness that can capture you off guard and lead to bankruptcy. An excellent Connecticut bankruptcy law lawyer will be able to aid in taking the very best choice in all matters relating to filing bankruptcy.

Whether it is consumer, business or industrial bankruptcy, you will require a Connecticut bankruptcy law lawyer with substantial experience in knowing all the intricacies of the laws relating to Connecticut bankruptcy. Remember however, that there is no magic formula to help make the choice to submit bankruptcy. You may think about bankruptcy as an option if you are paying minimum quantities on expenses, gets a notification that a home loan or loan is being foreclosed on or you have actually had serious monetary setback.

Customers can declare bankruptcy under Connecticut bankruptcy law either as Chapter 7 bankruptcy or Chapter 13 bankruptcy. With brand-new federal bankruptcy laws entering into effect from October 17, 2005, a “means test” will figure out whether the debtor is qualified for Chapter 7 bankruptcy. For those that do not get Chapter 7 bankruptcy, the best and only alternative will be the Chapter 13 bankruptcy.

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