Wyoming Bankruptcy Exemptions

The State of Wyoming does not have federal bankruptcy exemptions available for those who file for bankruptcy. The only exemptions available are the ones laid out by state law. After filing for bankruptcy, exempt property is safe from your creditors. Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are non-dischargeable debts.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item is secured by a loan and timely payments are made, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensures protection of property through bankruptcy.

This is a list of some of the available exemption in the State of Wyoming. You can obtain and more detailed list of exemptions and how they will apply to your case by contacting a qualified Wyoming bankruptcy attorney in your area. They will be able to explain all of the exemptions available to you.

Contact an Wyoming bankruptcy lawyer today. The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney who can evaluate your individual case and guide you through the process.

Assets

Homestead: Property held as tenancy by the entirety may be exempt against debts owed by only one spouse, Real property you occupy to $10,000 or house trailer you occupy to $6,000, Spouse or child of deceased owner may claim homestead exemption

Miscellaneous: Liquor licenses and malt beverage permits

Insurance: Fraternal benefit society benefits, Annuity contract proceeds to $350 per month, disability benefits if clause prohibits proceeds from being used to pay beneficiary’s creditors, Group life or disability policy or proceeds, cash surrender and loan values, premiums waived and dividends, individual life insurance policy proceeds, cash surrender and loan values, premiums waived and dividends, Life insurance proceeds held by insurer, if clause prohibits proceeds from being used to pay beneficiary’s creditors

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing, and money-purchase plans, SEP and SIMPLE IRAs and defined benefit plans, Traditional and Roth IRAs to $1,095,000 per person, Criminal investigators, Highway officers, Firefighters’ death benefits, Fish and Game wardens, Police officers, Private or public retirement funds and accounts, Public employees

Personal Property: Clothing and wedding rings to $1,000, Bedding, furniture, household articles and food to $2,000 per person in the home, Burial plot, Bible, schoolbooks and pictures, Motor vehicle to $2,400, Medical savings account contributions, Prepaid funeral contracts

Public Benefits: Crime victims’ compensation, General assistance, Unemployment compensation, Workers’ compensation

Tools of Trade: Library and implements of profession to $2,000 or tools, motor vehicle, implements, team and stock in trade to $2,000

Wages: Wages of inmates on work release, Wages of inmates in correctional industries program, Wages of inmates in adult community corrections program, Earnings of National Guard members, Minimum 75% of disposable weekly earnings or 30 times the federal hourly minimum wage, whichever is more

Wildcard: None

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