Wyoming Bankruptcy
Wyoming Bankruptcy Law
Bankruptcy Code and Exemptions...
Although Federal Bankruptcy Code and U.S. Bankruptcy Laws apply to everyone, each state has its own Bankruptcy Code and Rules of Bankruptcy Property Exemption that apply specifically in that state.
Wyoming Bankruptcy Law
Wyoming Bankruptcy Filing Procedures...
In the most basic sense, filing Chapter 7 and Chapter 13 in Wyoming is a culmination of state and federal laws. Although most Wyoming bankruptcy laws are organic in concept, having taken life in application through the unique facts and circumstances found in each case, all debtors are different, all debtors present varied financial histories, property, claims and needs, and ultimately the application of Wyoming bankruptcy law is a necessary step for conclusion of all bankruptcy cases in the state.
Disputed liabilities often cause the filing for bankruptcy. Lease disputes, property claims, eviction and foreclosure are central to many Wyoming bankruptcy cases. Each of these procedures is determined according to applicable standards established by the legislature, and to a smaller degree, through clarification provided by judicial options.
Personal injury claims, divorce rights and child support payments are all items affecting the estate and must be properly presented to the court in forms and schedules.
Wyoming Bankruptcy Exemptions
State Exemption Standards...
By national standards, Wyoming bankruptcy exemptions are near the lowest available anywhere in the US. The state of Wyoming prevents citizens from claiming the Section 522 federal exemption list provided by Title 11 of the United States Code. Much can be said about the rationale for values chosen by the Wyoming Legislature, but ultimately, the exemption values have remained virtually stagnant for decades with little indication of change.
Forum Shopping to Avoid Wyoming State Bankruptcy Exemption Law...
Following the enactment of the Bankruptcy Abuse Prevention Act, two years state residency is required as a condition of claiming state exemptions. For Wyoming residents, because federal exemptions are not available, moving to another state jurisdiction to gain more favorable law (known as forum shopping) is subject to the two year residency requirement.
For instance, seven states provide homestead exemptions in excess of $100,000 exempt equity, and six states do not limit equity value but limit total acreage only (subject to $225,000 federal cap). But in Wyoming, the homestead exemption amount is limited to $10,000 equity value. Courts frown upon forum shopping, yet little can be done to restrict a U.S. citizen from moving from one state to another, to find a better job and establish their new home.
Pre-Bankruptcy Planning and Preparation
Pre-bankruptcy planning is a delicate topic with many transactions prohibited, but with the assistance of a progressive bankruptcy attorney, other allowable exemptions may be identified.
In practice, most people who file for bankruptcy will actually improve their credit rating within 18 months or less. In fact, in a chapter 13 filing, credit will begin to improve once late payment reports stop, and secured loans and credit lines begin reflecting timely payments.
Overall, filing for bankruptcy can, for many Americans in many different circumstances, be an important and integral step toward financial recovery and new found fiscal stability. Ultimately, bankruptcy creates opportunities and improves net worth, so long as the decision to file was made wisely.
To learn more about Wyoming State Bankruptcy Exemptions, simply go to our U.S. Bankruptcy Exemptions page.
In most states you can legally protect your personal residence in a bankruptcy. The interesting thing is homeowners are treated differently from state to state.
Learn more about the Homestead Act and how it affects you.
Wyoming Bankruptcy Code
All Wyoming Bankruptcy cases are governed by Title 11 of the United States Bankruptcy Code, by U.S. Bankruptcy Rules, and by local Wyoming State Bankruptcy Rules promulgated by Wyoming court.
The US bankruptcy court websites generally have links to both, the Federal US Bankruptcy Rules and specific Wyoming Bankruptcy Code. Clerks in the bankruptcy courts will not give debtors, or even attorneys for debtors, legal advice, including advice about which bankruptcy rules apply to a given case.
Locate a US Bankruptcy Court in your federal judicial district.
Since US Bankruptcy Code and Wyoming Bankruptcy Rules are very technical, and since the case load in the US Bankruptcy Courts makes judges very unforgiving of mistakes or missed deadlines, it's highly recommended to seek the advice of an experienced Wyoming Bankruptcy Attorney and Certified Credit Counsellor.
The most recent Changes to the Bankruptcy Code and Bankruptcy Rules came about on April 20, 2005 as President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act. This new Bankruptcy Law came into effect October 17, 2005.
Learn more about the 25 Most Recent Changes to Personal Bankruptcy Law and how they affect you.
