Wyoming Bankruptcy Lawyers
If you are over your head in debt, contact a Wyoming bankruptcy attorney.
If you're overwhelmed by bills and tired of creditors calling, a Wyoming bankruptcy lawyer can help you decide whether or not bankruptcy is right for you
When it's time to make tough decisions that will affect your financial future, you need complete information. A Wyoming bankruptcy attorney can answer your questions and help you understand your options.
Take control now—just fill out the free personal bankruptcy evaluation form below or call 877-833-2410 to schedule a no-obligation consultation today!
Wyoming Bankruptcy Options: Chapter 7 & Chapter 13
Bankruptcy filers in Wyoming turn to the two most common forms of personal bankruptcy protection: Chapter 7 and Chapter 13. Each form of bankruptcy offers unique advantages in different situations.
Advantages of Filing Chapter 7
Chapter 7 bankruptcy, also known as "straight" bankruptcy, is designed to provide relief from credit cards, medical bills, payday loans and other forms of unsecured debt. Chapter 7 is the most common form of personal bankruptcy, and typically discharges debt within just a few months.
In exchange for debt forgiveness, creditors are repaid through a process called liquidation. The court has the power to sell certain assets that the debtor owns in order to pay the creditors, but state laws outline property that the court cannot touch. These protections, known as exemptions, include:
- Homestead: Real property up to $10,000 or house trailer to $6,000 - joint filing couples may double
- Automobile: Motor vehicle to $2,400
- Wages: 75% of earned, unpaid wages
- Tools of Trade: Library and work implements OR tools and motor vehicle to $2,000
- Personal Property: Bedding, furniture and household articles to $2,000 per person in household; bible, schoolbooks and pictures; clothing and wedding rings needed, to $1,000.
Many Chapter 7 filers own little valuable property, and do not have to surrender any assets - yet they still are able to receive a discharge of their unsecured debts through the court.
In order to file Chapter 7, you must earn less than the median income in Wyoming for your household size. This process, known as the means test, is designed to make sure that only those truly in need to Chapter 7's debt forgiveness can walk away from their debts.
Advantages of Chapter 13
Chapter 13 bankruptcy, the other common form of personal bankruptcy, is designed for those with a regular income who need assistance catching up on their debts.
Many people turn to Chapter 13 if they are at risk of home foreclosure, as it can halt bank repossession while allowing them to repay their mortgage debt over a period of three to five years.
Others turn to Chapter 13 if they are ineligible to file Chapter 7, or if they have debts such as taxes that cannot be included in a Chapter 7 filing.
Discuss Your Options with a Wyoming Bankruptcy Lawyer
The decision to file bankruptcy is not one that you need to make alone. By connecting with a local attorney, you can get the facts about the bankruptcy process and determine if Chapter 7 or Chapter 13 might be right for you.
You can connect with a bankruptcy lawyer near you today. Simply fill out the free case review form on this page to arrange your initial consultation.
Laws may have changed since our last update. For the latest information
on your state's bankruptcy laws, speak to a local bankruptcy