Wyoming Bankruptcy Lawyer

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Many bankruptcies in the United States are due to unforeseen illness, and the medical bills that accompany it. Even with solid health insurance, you can still get in over your head due to the increasing medical costs. There is no shame in admitting that you need some relief. The whole point of bankruptcy is to give honest people a much needed fresh start.

If you feel that bankruptcy is the best option for you, you need an experienced bankruptcy attorney on your side. The laws surrounding bankruptcy are complicated and difficult to navigate. A good bankruptcy lawyer will help you decide which type of bankruptcy you qualify for and works best for you.

In Wyoming, there are certain bankruptcy exemptions, which stipulate a certain amount of income or another value which can be legally excluded from the assets that can be taken by creditors. For example, a homestead exemption is worth $10,000. The homestead may consist of a house and a lot, a farm consisting of any number of acres, or a house trailer or mobile home with a value of $6,000 or under. Wearing apparel, including wedding rings are $1,000 exempt. A motor vehicle has an exemption worth $2,400. A family bible, pictures and school books, a lot in a cemetery or burial ground, bedding, furniture, household articles have an exemption of $2,000. A library, or instruments and implements of any professional person are worth a $2,000 exemption.

If you are currently facing foreclosure or repossession and would like to keep assets such as these, you can file for Chapter 13 relief. This type of bankruptcy allows you to repay your debt over a three to five year period. It lets you keep your home and vehicle as long as you continue to make payments. It also lets you get caught up on back payments. Through Chapter 13, you may even be able to reduce your debt. This is a good option for people who have steady incomes and valuable assets. If you have a certain level of income, you may have no choice but to file Chapter 13. A judge will decide if you are at the level of debt and income that will allow you to repay your creditors over a period of time.

Those who have lower incomes, and have no real assets, can file for Chapter 7. Chapter 7 is known as the liquidation plan. Your case is turned over to a trustee who will sell any assets not covered on the exemption list. Any funds that are recovered are then distributed to your creditors.

According to recent changes to the law, you must attend credit counseling prior to filing in the bankruptcy court. This gives you a chance to explore other options, in order to reduce the caseload of bankruptcies. Before your case can be discharged, you also must attend a financial skills class. A bankruptcy attorney will also be able to explain the options to you, including debt consolidation or debt negotiation. Your attorney will help you decide which option is best for your financial situation.

With Chapter 7 bankruptcy, your case is usually discharged within four months of filing, while Chapter 13 is discharged after you have completed your repayment plan. There used to be a stigma attached to bankruptcy, but no longer. If you feel that you are drowning in debt and need a fresh start, contact a Wyoming bankruptcy attorney today.


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