Bankruptcy Laws In Connecticut
Connecticut Bankruptcy Exemptions:
There are two options that the residents of Connecticut have; they have to choose between the federal or state exemptions. The debtor has to make a choice between the two since they cannot be mix matched and thus the debtors has to ensure that they make the most suitable choice. The state bankrupt laws Connecticut may have a few extra exemptions that one may use as opposed to the federal bankruptcy code. Some of the exemptions that one should press on include wages, social security benefits, and veteran and civil service benefits. Other exemptions such as homestead and insurance can still be claimed in the Connecticut area.
Connecticut Chapter 7 Bankruptcy Laws:
The type of case that is filled in Connecticut and the type of system it is filled under has an effect on the results when one uses the chapter 7 and 13 codes to rate results. The straight bankruptcy cases under chapter 7 bankruptcy laws might be simply and quick to conclude but also has the chances of loss of property.
Connecticut Chapter 11 Bankruptcy Laws:
Chapter13 bankruptcy laws allows some extension on the repayment period as long as the debtor has regular income as in other states that follow the federal codes on bankruptcy.
Cases that involve bankruptcy in Connecticut are quite similar to cases in other states in the united state. The state shares both the federal and state guidelines when it comes to the bankruptcy cases and thus chapters 7, 9, 11, 13, and 15 are commonly featured in the court cases between debtors and creditors. The results of the cases mostly depends on the judge who is preceding over a case and thus the debtors have to consult with their attorneys for strategies and the areas to cover n the fillings. Different cases may result to different outcomes depending on strategies used as well as the experience of the attorney when it comes to bankruptcy laws and thus a good researched choices are preferred.
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