Legal Question in Bankruptcy in Connecticut

Would savings be exempt from creditors if i file a chapter 7

I am disabled and my only income is disability income. i have managed to save some money. Would these savings be exempt from creditors if i file a chapter 7

? i am also mid divorce and my wife may agree to sell our marital residence in 2007. the house is in her name for the last 6 years. would the proceeds from such a sale and my negotiated % of the profit from the sale be attachable by creditors from my filing for a 7 now? the alternative is to form a trust for future credit at the time of sale but i would prefer to avoid a trust if possible. thank you.. i could use the assiswtance of a guru right about now.


Asked on 6/27/02, 6:55 pm

1 Answer from Attorneys
Joel M. Grafstein Grafstein & Arcaro, LLC

Re: Would savings be exempt from creditors if i file a chapter 7

You should consider filing bankruptcy now, before the divorce. You have not indicated the amount of your savings, but if your savings are less than $9,850 you will be able to exempt those sums. That assumes that your car is exempt (the equity in the car is less than $2,775).

Good Luck.

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Answered on 6/28/02, 5:31 pm


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