Wyoming Bankruptcy Laws
- According to Wyoming law, those approved for bankruptcy are eligible to keep up to 75 percent of disposable weekly earnings.money, money, money image by easaab from Fotolia.com
Filing for bankruptcy is often the last resort for consumers that are faced with insurmountable debt. Wyoming bankruptcy law is geared towards allowing consumers a safe and responsible means of removing large chunks of unsecured debt, such as credit cards, while teaching them responsibility about debt accumulation and how to avoid ending up "in the red" again. - Before a petition for Chapter 7 bankruptcy may be filed, you'll have to undergo a financial means test. If your income falls below the state median income, you're eligible. In Wyoming, the filing fee is $299. The majority of your assets will be liquidated to pay off your debts. These funds will be placed under the control of a bankruptcy trustee, who will pay your creditors. Any unsecured debt left after creditors are paid will be forgiven.
- In Wyoming, a 341 hearing occurs 20 to 40 days after the bankruptcy proceedings have been approved. The bankruptcy trustee conducts this meeting, often referred to as the "first meeting of the creditors." Attendance is required. Answer the questions of the bankruptcy trustee truthfully. Your creditors have a 60-day window after the meeting to convince the court that you should not be allowed to give up your debts.
- Chapter 13 bankruptcies are generally used by business or homeowners that are attempting to restructure debt in an effort to save property. You cannot have more than $1,010,650 in debt and more than $336,900 in unsecured debt. When filing, submit to the court a plan that shows how you will pay down your debt in a reasonable amount of time. Monthly payments will be made to a bankruptcy trustee, who will disburse the funds to your creditors. Should the plan be approved, you get to keep your assets.
