Declaring Wyoming Bankruptcy
Wyoming allows debtors with an overwhelming debt load to receive help with their debts by filing bankruptcy. Bankruptcy allows a person to either reorganize their debts into a manageable debt repayment plan or, if required, the person can receive a full discharge of their debts.
Wyoming allows individual debtors to file either chapter 7 or chapter 13 bankruptcy.
Wyoming Chapter 7 bankruptcy is a liquidation bankruptcy. When a person in Wyoming files chapter 7 they will turn over any of their property not protected by the laws known as "bankruptcy exemptions," for liquidation and in exchange they will receive a full discharge of their debts that are eligible. Chapter 7 is intended for debtors with little or no income and assets.
WY Chapter 13 is a reorganization bankruptcy. WY debtors filing chapter 13 enter into a debt repayment plan to repay a portion of their debts over a three to five year period.