How to File for Bankruptcy in Wyoming
Anyone who is looking into the bankruptcy process for the state of Wyoming must take time to become familiar with federal bankruptcy rules and laws. The bankruptcy process on the state level in Wyoming closely follows the federal guidelines that are in place throughout the country. It is important to determine which form of bankruptcy is appropriate for an individual before taking any formal steps in the bankruptcy process. Most people end up filing for Chapter 7 bankruptcy. This common form of bankruptcy allows for debts to be discharged through the court. Chapter 13 bankruptcy is another popular option. This form of bankruptcy allows for a structured payment plan to be set up through the court. There are also several forms of bankruptcy that are open to individuals with unique situations. For instance, Chapter 12 bankruptcy is an option that is available for fishermen and farmers. Chapter 11 bankruptcy is an option that is available to some people with high debt levels or business-related debts.
Diving into the Bankruptcy Process in Wyoming
One of the first things that a person must do when contemplating the option to file for bankruptcy is to complete a credit counseling course. This course must be taken through a provider that is approved in the state of Wyoming. A list of approved providers can be accessed here. In addition, it’s necessary to complete a debtor education course at some point during the bankruptcy process. A list of approved providers for this course can be found here.
When does the bankruptcy process officially begin in Wyoming? The bankruptcy process begins when a person files a formal petition with the court. This petition will set off an automatic stay. An automatic stay prevents creditors from making any attempts to contact a debtor or collect unpaid debts. All debtors must attend something called a meeting of creditors. This mandatory meeting provides creditors with the opportunity to try to prove that a debtor possesses nonexempt assets that can be forfeited during the bankruptcy process. In addition, creditors are given the opportunity to object to the terms of a payment plan that has been set up for a Chapter 13 case.
It is also important to talk about the means test that every debtor must submit to the court. A means test is what is used to determine a person's eligibility for bankruptcy. Debtors are required to submit detailed and accurate information regarding assets, income, liabilities and other aspects of their finances. All of the information that is submitted as part of a means test must be accurate. Any attempts to conceal assets or misrepresent financial details could result in strict penalties.
A Look at Wyoming's Bankruptcy Process
The United States Bankruptcy Court for the District of Wyoming has locations in Cheyenne and Casper. The cost to file for Chapter 7 bankruptcy in Wyoming is $335. The cost to file for Chapter 13 bankruptcy in Wyoming is $310. A full list of fees that a person can anticipate when filing for bankruptcy of any type in the state can be viewed here. The forms that a person will need to use when filing for bankruptcy in Wyoming can be accessed here.
Anyone who is exploring the option of filing for bankruptcy should consider seeking the guidance of a bankruptcy attorney. The complicated nature of the bankruptcy process can often be confusing for a person without extensive financial or legal knowledge. What's more, a failure to comply with the rules of the bankruptcy court could result in delays, extra fees or a case being dismissed from the court.