There are certain exemptions related to the Connecticut bankruptcy law that helps protect creditors when a debtor files bankruptcy in Connecticut. One also has the choice in Connecticut to avail of federal exemption statutes instead of the Connecticut exemptions, and it is also possible to use federal supplemental exemptions in conjunction with the Connecticut exemptions.
Debtors don't Necessarily Lose Everything in Bankruptcy
Many people are under the false impression that bankruptcy means losing everything that the debtor owns in order to satisfy his or her debt. As a matter of fact, the Connecticut bankruptcy law allows debtors to keep a number of things that are essential for the well being of the debtor and his family. In spite of the fact that there is a federal exemption law, Connecticut bankruptcy law allows you to choose between state and federal exemption laws.
Items that are exempt under Connecticut bankruptcy law include personal effects, furniture, cars (subject to a specified amount of equity), and tools of trade, equity in residence, clothes, household goods as well as books and jewelry.
It should not be difficult to locate a Connecticut bankruptcy law attorney, because there are a number of them that specialize in providing service to all kinds of clients. You will be able to get effective counsel across Connecticut that deals with unforeseen medical expenses, divorce or unemployment that can catch you off guard and result in bankruptcy. A good Connecticut bankruptcy law attorney will be able to assist in taking the best option in all matters relating to filing bankruptcy.
Whether it is consumer, business or commercial bankruptcy, you will need a Connecticut bankruptcy law attorney with extensive experience in knowing all the intricacies of the laws pertaining to Connecticut bankruptcy. Keep in mind however, that there is no magic formula to help make the decision to file bankruptcy. You may consider bankruptcy as an option if you are paying minimum amounts on bills, receives a notice that a mortgage or loan is being foreclosed on or you have had severe financial setback.
Consumers can file for bankruptcy under Connecticut bankruptcy law either as Chapter 7 bankruptcy or Chapter 13 bankruptcy. With new federal bankruptcy laws coming into effect from October 17, 2005, a "means test" will determine whether the debtor is eligible for Chapter 7 bankruptcy. For those that do not qualify for Chapter 7 bankruptcy, the best and only option will be the Chapter 13 bankruptcy.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Reprinting Articles: 10 Smart Strategies to Sidestep the Duplicate Content Debate
- Articles For Free Reprint, How Can They Help?
- Free Reprint Articles: the Secret to Increased Web Site Profits
- Five Steps Of Your Success In Using Article Marketing
- Article Marketing:-Articles To Drive Targeted Traffic To Your Blog
- How to Turn a Third Party Informational Article into a Power Marketing Tool
- Article Marketing: the Small Business Owner's Secret Weapon
- Using Article Marketing to Get More Website Traffic




Few Guidelines on How to Manage Debts in a Positive Manner
By: Marlon Jackson | 16/11/2009Though having debts is something we shouldn't be happy for, we have to learn how to deal with it in a good way because it helps to lessen the burden . . .
How to Improve Your Credit Score and Manange Finances
By: Scot Johns | 15/11/2009The health of your credit report is stupendously important for your personal finances because of several reasons. To begin with good credit worthiness scores are what lenders are on the lookout for when they choose whether they will give you money or not. Often times insurance brokers or owners regularly look into your credit when determining if they will choose you as a possible client or possible tenant. This post will describe to you several ways of improving your credit history ...
Play Bookmaker Writing Put Options
By: Jason Ng | 15/11/2009If you have ever placed any bets, you would know that the person who wins most of the time is the bookmaker. Do you know that you too can be a "bookmaker" in the options market by writing put options? Not only can you play "bookmaker" by writing put options,...
Chase Slate with Blueprint Credit Card
By: Stephanie Andrews | 15/11/2009Chase recently introduced a Blueprint program, which is geared for customers who want to take more control of their finances. Blueprint is available on a number of Chase cards, including the Chase Slate with Blueprint credit card. If you want to get a credit card that can help you straighten out what you owe, read the following information.
How to Get Credit Score Over 750- Tips to Get Over 750 Credit Score
By: David Pit | 15/11/2009A popular joke among people with a less than perfect credit score is that Santa Claus, the tooth fairy and a man with a credit score above 800 were walking on the road and as they were strolling they chanced upon a $100 bill. But nobody picked it up; why you wonder? Because apparently, all three of them don't exist. Well, au contraire to this belief it really isn't so difficult to take your credit score to the tune of 750 and above.
Is Trading With Technical Analysis Profitable?
By: Sylvain Vervoort | 15/11/2009What is technical analysis and is trading based on technical analysis profitable? Lets start with my definition of what I consider is technical analysis of financial price data. Technical analysis is using graphical charts to identify buy and sell patterns every possible way. With statistics proving that using these patterns gives...
How to Make Money With Forex Trading
By: TK Kearns | 15/11/2009There is a great amount of interest in Forex trading lately. This is largely due to the number of people and companies that have been able to make significant gains in their portfolios by taking advantage of the changing currency exchange rates. If you have heard stories about these people...
3 Reasons to Fear Penny Stock
By: Cory Espinoza | 15/11/2009Having constructed a career, not to mention an enormous following, round the investment vehicle known lovingly as'penny stock,' it may seem unusual for me to warn you to fear these hopeful investments. Yet, warn you I can, because I've seen three major reasons why these sub-$5 shares might be too dodgy for you. folks becoming involved with penny stock investments are purchasing the wrong corporations, for the incorrect reasons, and then using the wrong trading strategies with t...
Features to Consider When Shopping For Steel Clothing Lockers
By: Simon Peters | 14/05/2009 | BusinessThere are many handy tools which make storing clothing and other items an easy feat to complete. One such item which businesses use on a frequent basis are steel clothing lockers and steel shelving. When shopping for clothing lockers for your staff to use in your business, or shelving for...
What To Do If You Have To Declare Bankruptcy In Massachusetts
By: Simon Peters | 15/07/2007 | FinanceYou own a small business in Massachusetts. However, the winter weather has not been kind, and your business was damaged in a recent snowstorm. Unfortunately, the insurance that you took out for your business is not nearly enough to cover the costs, and so you have to declare bankruptcy for...
Connecticut Bankruptcy Law: Exemptions That Help Protect Creditors
By: Simon Peters | 15/07/2007 | FinanceThere are certain exemptions related to the Connecticut bankruptcy law that helps protect creditors when a debtor files bankruptcy in Connecticut. One also has the choice in Connecticut to avail of federal exemption statutes instead of the Connecticut exemptions, and it is also possible to use federal supplemental exemptions in...
How To Manage Credit Cards After Bankruptcy
By: Simon Peters | 15/07/2007 | FinanceWhen people get credit cards, many think that they can purchase anything they want practically for free, that they can just "charge it on the credit card" and worry about paying it later. However, these same people often spend their paychecks recklessly on everyday items and are not able to...
Digital Satellite TV Brings Brighter Picture
By: Simon Peters | 13/07/2007 | ComputersThe prospect of digital technology for television signals has been around awhile and is what enables video recorders to be used without video tape. By using digital satellite TV signals, the picture quality is as close to high definition as can be obtained with less than three LNB inputs in...
The Benefits Of Direct Satellite Tv
By: Simon Peters | 13/07/2007 | ComputersThe technology of television has changed over the years, from the days where black and white pictures were all you could get, to the new technologies of the present day, where sharper, clearer pictures are brought to your television screen. Just as televisions have changed, so have the methods of...
Satellite TV: More Channels Than Cable And Less Expensive, Too!
By: Simon Peters | 12/07/2007 | ComputersMany people have satellite TV and there's a very good reason for it: you get almost unlimited channels and it's a price that most anyone can afford. When you compare satellite TV to its cable counterpart, you will automatically notice a difference in the amount of channels you get to...
A Few Helpful Tips On How To Buy A House After Bankruptcy
By: Simon Peters | 09/07/2007 | FinanceThere is hope still for those that have had a recent bankruptcy on their credit and who still wish to buy a home, but it may require financing to own the house. One should realize that all is not lost when it comes to learning how to buy a house...