Wyoming Bankruptcy Laws
Wyoming state law regulates the majority of exemptions for Chapter 7 bankruptcy. The federal exemption list may not be used, but the federal supplementary exemptions may be used in addition to the state guidelines, which are:
Homestead |
Up to $10,000 on house or $6,000 on house trailer (joint owners may double) |
Wages |
Up to 75% earned but unpaid, National Guard earnings |
Personal Property |
Household items to $2,000/person in the home, clothing and wedding rings to $1,000, pre-paid funeral contract, motor vehicle to $2,000 |
Pensions |
Public and municipal employees, private or public retirement funds or accounts |
Public Benefits |
Crime victims, worker’s compensation, unemployment, veteran’s, general |
Tools of the Trade |
Implements of professionals to $2,000 or any other trade implements to $2,000 |
Insurance |
Annuity to $350/month, group life or disability proceeds |
Miscellaneous |
Burial provisions, health aids, child support and alimony, liquor licenses |
Not everyone is eligible for Chapter 7 bankruptcy, and before filing a petition to the bankruptcy court for it, a “means test” must be passed. Once passed an inventory of all possessions must be taken, and should be done so with caution, as to avoid possible bankruptcy fraud. Response to petitions is usually given 20 to 40 days after it is filed. After a successful petition all creditors are contacted, and the next step is a “341 meeting.” For those petitioning for Chapter 13, this is a vital step. The creditor repayment plan is negotiated at this meeting between the creditors and the debtor through a bankruptcy trustee.
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