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Filing Chapter 7 Bankruptcy In Wyoming

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The most popular, quickest, and easiest type of bankruptcy is Chapter 7. Under Chapter 7 Bankruptcy a trustee is appointed by the bankruptcy court to sell your assets and use the proceeds from the sale to repay your creditors. All creditors are paid in the order outlined the bankruptcy law. Chapter 7 Bankruptcy is a liquidation of your assets. If you do not have assets, your case is considered a "no asset" case. Most qualifying unsecured debt will be discharged with in four to six months. Unsecured debts could include hospital bills, credit card bills and unsecured personal loans.

Chapter 7 Bankruptcy may be available for individuals, corporations, partnerships and married couples. After filing your Chapter 7 Bankruptcy petition, there is an "automatic stay" in place which will temporarily halt the collection process. For Chapter 7 Bankruptcy, collections may resume if the bankruptcy judge determines there is cause.

Prior to filing Chapter 7 Bankruptcy it is important to contact a Wyoming Bankruptcy Attorney who can answer your bankruptcy questions, help you determine what type of bankruptcy is right for you, and who will file all necessary bankruptcy paperwork.

Current bankruptcy law has made it more difficult to qualify to file Chapter 7 Bankruptcy. Under the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA) of 2005, there were several important changes to the bankruptcy laws. The goal of the legislation was to encourage more people to repay all or a portion of their debt by filing Chapter 13 Bankruptcy. The main provisions of the law requires individuals to take a credit counseling course prior to filing bankruptcy, take a financial management course prior to the discharging of their debt and pass an income test to qualify for Chapter 7 Bankruptcy.



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The Wyoming Bankruptcy Income Test and Means Test Wyoming Bankruptcy Attorney

The income test will compare your median income from the last six months to the income of other Wyoming residents. If your income is above the median income compared to other Wyoming residents of equal sized families, you will have to pass other "means test". If your income is below, you may qualify for Chapter 7 Bankruptcy.

The goal of means testing is to find out if you have enough income after expenses to make payments toward your unsecured debt. The means test will subtract certain expenses (school tuition up to $1650, house payment, car payment, taxes owed and child support) from your net income. If you have enough disposable income to pay $6,000 (100/month) toward debt repayment over the next 60 months you may have to file Chapter 13 Bankruptcy. If you can not do this, but you could pay 25% of your disposable income toward debt repayment over the next sixty months, you may have to file Chapter 13 Bankruptcy.

The state median for the state of Wyoming is published by the United States Trustee Program. For the State of Wyoming, after March 15, 2009, the median income for a single wage earner was $46,265 and for a family of two it was $60,442. For a family of three it was $68,568 and for a family of four it was $80,405.

It is important to talk to a Wyoming Bankruptcy Attorney prior to filing bankruptcy. The information provided above is not legal advice. Means testing can be difficult and complicated to understand with out the legal advice from a bankruptcy attorney.



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Filing Chapter 13 Bankruptcy in Wyoming

If you make too much money or you have assets or property you do not want to liquidate, Chapter 13 Bankruptcy may be a good option for you. Chapter 13 Bankruptcy has several advantages over Chapter 7 Bankruptcy. Chapter 13 Bankruptcy will not immediately discharge your debt, but it may be able to end wage garnishments, stop repossession, stop home foreclosure and end harassing creditor calls.

Chapter 13 Bankruptcy will allow you to repay most or all of your unsecured debt under a three to five year debt repayment plan. Your debt is not discharged immediately, but will be discharged with the completion of your debt repayment plan.

A trustee will be assigned to your bankruptcy case and will manage the bankruptcy repayment plan. After your bankruptcy petition is filed, there will be an automatic stay against debt collection efforts. It is illegal for your creditors to try to collect debts outside of the court approved debt collection plan (there may be exceptions for non-dischargeable debt which is not part of the debt repayment plan).

If you are considering filing bankruptcy in Wyoming, it is a good idea to contact a Wyoming Bankruptcy Lawyer who will file all the necessary bankruptcy forms such as the petition and the schedules, answer your bankruptcy questions and appear in court for you.



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Wyoming Bankruptcy Attorney

The knowledge of an attorney speeds up the process of filing your bankruptcy in Wyoming

Bankruptcy may be your only chance to be debt free again. Get out from under the burden of high interest credit cards and late payments. Fill out the free confidential legal evaluation and an attorney near you will contact you to discuss your possible case. Whether a Chapter 7, Chapter 13 or bankruptcy alternative, our lawyers will get you the answers you seek.

Regain financial control; get fast and effective debt relief from real professionals. Don’t wait; it’s never too early to talk to a lawyer.



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Wyoming Bankruptcy Exemptions

There are certain property and assets which will be exempt or protected from bankruptcy. This means these assets are protected from your creditors. These exemptions are outlined in federal bankruptcy law and were created to allow you enough assets to start over after bankruptcy. A Wyoming Bankruptcy Lawyer can review your assets and determine which ones may be exempt from bankruptcy.

Many states have created their own bankruptcy exemption list. Depending on where you live, you may be able to use either the federal bankruptcy exemption list or the federal bankruptcy exemption list. Certain states will only allow you to use their state bankruptcy exemption list.

In the state of Wyoming you can not choose the federal bankruptcy exemption list and must use the State of Wyoming Bankruptcy Exemption List.



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