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Bankruptcy in Wyoming

Are there any income requirements for filing bankruptcy in Wyoming?

There are income requirements in place for those people who wish to seek relief through a Chapter 7 bankruptcy petition.  As of 2005, any persons who wishes to file for Chapter 7 bankruptcy must undergo a means test.  The purpose of this means test is to determine whether or not the petitioner was reasonably unable to pay their debts during the previous year.  This means test is also designed to help reduce the occurrence of abuse in the bankruptcy system.  The income requirements of this means test are that the petitioner must have had an annual income of less than the state average for the previous year in order to qualify for Chapter 7 bankruptcy.  All income will be taken into account during the administration of this means test.

If I am married, do I have to file with my spouse Wyoming?

While there is no law that requires married couples in Wyoming to file for a joint bankruptcy settlement,  each case should be evaluated based upon its own unique set of circumstances.  Since each couple has a unique set of circumstances which dictate who is legally responsible for their household debt, there is no one correct approach to joint bankruptcy.  Couples who share the majority of the debts will most likely benefit from filing a joint petition.  On the other hand, in marriages where one spouse is legal responsible for the majority of the debt, a joint petition may not be beneficial.

What are the property exemption rules in Wyoming?

The property exemption rules in Wyoming are as follows:

-Homestead exemption of up to $10,000 in equity

-Up to $2,400 of equity in one motor vehicle

-Up to $1,000 in clothing

-Up to $2,000 in furniture; books; burial plot

-Up to $2,000 in tools of your trade

Will all of my debts be discharged as part of a Chapter 7 bankruptcy in Wyoming?

In order for a debt to be considered for discharge as part of a Chapter 7 bankruptcy proceeding, that debt must meet both of the following criteria.

  1. The debt must be unsecured
  2. You must prove that it is unrealistic that you will be able to repay the debt in a reasonable time frame.

Any debts which do not meet both of these requirements will not be discharged under any circumstances.

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