CT Increases Bankruptcy Homestead Exemption to $250K
On July 12, 2021, Governor Ned Lamont signed into law Public Act 21-161 which amended Connecticut’s homestead exemption by repealing the prior version of the statute and increasing the homestead exemption from $75,000 to $250,000, effective October 1, 2021. This means that if you file bankruptcy and your house has less than $250,000 in equity, you will be able to keep your house and still discharge all of your debts in a Chapter 7 bankruptcy filing. If you own your house jointly with your wife, each spouse can take a $250,000 exemption, which means you will be able to keep up to $500,000.00 in equity in your house if you file a joint Chapter 7 bankruptcy. Please call my office now if you have any questions at 2037724848. Law Office of Ruth Weissman.