Homestead Exemption is $250,000

Breaking News – The Connecticut Supreme Court ruled on July 14, 2023 that the increased homestead exemption of $250,000 per owner, that is $500,000 for a couple, can be used by people who need to file bankruptcy, regardless of when they incurred their debt. It has been unclear until now whether people who file bankruptcy could take advantage of the $250,000 homestead exemption. That uncertainty has finally been resolved. This is particularly important now since home prices in the state have increased significantly over the past few years. You can protect your home better in bankruptcy due to this ruling. To learn more about this or to see if you qualify to file chapter 7 or chapter 13, bankruptcy call us today.