If you find that you are facing difficult financial times and have more debt than you can actually handle, it may be time to look into filing for bankruptcy. Before you do, though, you need to learn what you can about Wyoming bankruptcy laws so you know what to expect throughout the process.

Bankruptcy Exemptions

The current exemptions under Wyoming bankruptcy laws are as follows:

• Up to $10,000 per resident for your homestead
• Up to $6,000 for a mobile home homestead
• Up to $1,000 for clothing and your wedding ring
• Burial ground or lot in a cemetery
• Family pictures, Bible, and school books
• 75 percent of weekly disposable earnings
• Up to $2,400 for a motor vehicle
• Up to $2,000 for bedding, furniture, provisions, and other household items
• Up to $2,000 for tools of the trade or professional libraries
• Some retirement benefits
• Life, disability, and group insurance proceeds
• Interest in retirement plan, annuity, or pension
• Up to $350 per month for annuity contract proceeds
• Unemployment and worker’s compensation
• Cemetery property
• Public assistance
• Social services

Keep in mind that you will still be responsible for some types of debt, such as child support payments and back taxes, even if you file for bankruptcy.

Chapter 7 Bankruptcy Information

For those looking to wipe out as many of their debts as possible, Chapter 7 bankruptcy makes the most sense. This form of bankruptcy eliminates all debts after selling off non-exempt assets to pay what is possible. You must pass a means test, which compares your income to the rest of the state, to qualify. If you make at or below the average in Wyoming, you qualify for Chapter 7 protection.

Chapter 13 Bankruptcy Information

Under Chapter 13 bankruptcy, the courts will help you device a repayment plan based on your existing disposable income. You will then receive three to five years to repay your debts, during which time you keep all of your assets. After this, non-exempt assets are sold to pay off remaining debts.