In re Cole
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In this case regarding the "homestead act," Public Acts 1993, No. 93-301, 2 (P.A. 93-301), and involving a certified question in a bankruptcy appeal from the United States District Court for the District of Connecticut, the Supreme Court held that Public Acts 2021, No. 21-161, 1 (P.A. 21-161) applies in all bankruptcy proceedings filed on or after the effective date of the act to debts that accrued prior to that date.
When the legislature enacted the act in 1993 a debtor could protect up to $75,000 of the value of a primary residence from attachment in postjudgment proceedings or bankruptcy, but the act included the following carve-out: the homestead exemption could not be claimed for debts accrued prior to the effective date. In 2021, the legislature amended the act by, among other things, increasing the exemption to $250,000. This time, however, the legislature did not include a special carve-out for a debtor's preexisting debts. At issue was whether the Supreme Court should read such a carve-out into P.A. 21-161. The Supreme Court answered the question in the negative and that P.A. 21-161, 1 was not retractive as applied to the debtor's bankruptcy petition in this case.
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