Wyoming Bankruptcy Laws
Wyoming residents are easily affected by financial and economical shifts and may be bankrupt if they make an investment that dwindles. Lots of people have experienced bankruptcy after being laid off at work and having bad credits. When one is unable to pay off their debts, the creditors might take action so as to regain their dues and this might leave one in a very precarious position. The bankruptcy laws provide protection under title 11 chapters that cover various bankruptcy cases, though chapter 7 and 13 are the most common of the chapters under the title. The chapters are common due to the high number of individuals applying for bankruptcy.
Wyoming Bankruptcy Exemptions:
The exemptions that one may enjoy in Wyoming are provided for by the federal and state governments, but when making a petition, one should first consult with an attorney so as to make the most out of the petition. The federal and state exemptions are relatively similar in categories but differ when it comes to indexing. The exemption that is offered by the state is different in amount from that offered by the federal government and in addition there are a few more exemptions that are offered by the state over the federal government which makes the Wyoming state exemptions a safer choice.
Wyoming Chapter 7 Bankruptcy Laws:
The BAPCPA (Bankruptcy Abuse Protection and Consumer Protection Act) of 2005, the conditions to qualify for bankruptcy are much stringent to prevent applicants from misusing the law. There are disadvantages that are associated with bankruptcy such as a bad credit record and the difficulty of obtaining further credit facilities. Chapter 7 bankruptcy laws since then made it very challenging for resident to take advantage of the chapter 7 regulations.
Wyoming Chapter 13 Bankruptcy Laws:
When applying for bankruptcy under chapter 13, one has to meet the state requirements for the bankruptcy such as passing the means test. The means test is a common grader of bankruptcy petitions and is often used in most states of the United States including Wyoming. The main difference here is you are not exempt of repaying the debts owed under chapter13 bankruptcy laws
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