Bankruptcy in Wyoming is a legal procedure through which some of the debts of an individual or a business are discharged (excused). You should not view bankruptcy as an opportunity to eliminate your debts just because you don't feel like paying them - it can be a long and difficult process. Bankruptcy is designed to be a last resort to prevent complete financial ruin, while allowing creditors to collect at least some of their debts in an orderly fashion. Filing for bankruptcy can have major negative effects on one's credit score, which will make it more difficult to get loans in the future.
Accordingly, if you are considering bankruptcy as an option, you need to thoroughly examine the costs and benefits. A good Wyoming bankruptcy attorney can advise you as to the pros and cons of bankruptcy, and give his or her expert opinion about whether or not bankruptcy is a good option, based on the facts of your distinct case.
Types of Bankruptcy in Wyoming
Bankruptcy is governed by federal law, so the procedures in filing for bankruptcy in Wyoming will be the same as anywhere else in the United States. There are 2 basic forms of bankruptcy that are often used by consumers. They are Chapter 7, and Chapter 13 bankruptcy, named for their locations in the Bankruptcy Code. Businesses commonly use Chapter 11 bankruptcy to liquidate assets. This procedure is technically available to consumers, but its use by individuals, as opposed to businesses, is very rare.
Chapter 7 bankruptcy in Wyoming is typically referred to as "liquidation." When Chapter 7 bankruptcy is filed, the court will appoint a trustee to account for all of the debtor's assets, and then determine which ones should be sold off to pay at least a portion of their debts. Once this occurs, the rest of the debt is discharged. Many types of property, such as homes, cars, and retirement accounts are exempt from sale, and the debtor is allowed to keep them. Under Chapter 13 bankruptcy, debt is normally not discharged; instead, it is reorganized. The court will craft a long-term payment plan that allows the debtor to pay off his or her debts in single payments, over time. This usually gives the debtor some breathing room that would not exist if all of his or her debts became due and payable at once.
Normally, Chapter 11 bankruptcy is used by businesses as opposed to individuals. Much like Chapter 13, Chapter 11 involves the reorganization, as opposed to discharge, of a debtor's obligations. However, it is up the to the debtor to come up with a repayment plan, and once this happens, the plan is submitted to the participating creditors, who must approve it by majority vote.
How Can a Wyoming Bankruptcy Lawyer Help?
Making the decision to file for bankruptcy can be very difficult, given the potential consequences. A Wyoming attorney specializing in bankruptcy can advise you of the likely consequences you will face if you file, and help you determine if they are outweighed by the potential benefits.
Interesting Facts About Wyoming
Wyoming is located in the Western portion of the United States. It is characterized by a high number of mountain ranges and high plains prairies. It is the least populated state in the U.S., but the 10th largest in geographic size. Wyoming's economy consists largely of mineral extraction, and trade. Wyoming has the highest concentration of certain minerals in the entire world.
Nearly half of all Wyoming land is owned by the United States government. Additionally, the state of Wyoming owns 6% of the land in the state. Most of the government land in Wyoming is overseen by the Bureau of Management and the U.S. Forest Service. Many Wyoming laws involve protection of the state's valuable natural resources.
Due to its smaller population, Wyoming does not have an intermediate court for appeals. Instead, appeals go directly to the highest court, the Supreme Court of Wyoming. This arrangement is generally viewed as acceptable, since the Supreme Court experiences a relatively lighter caseload in comparison with other state courts. Jury trials are heard in the Circuit Courts or at the District Court level. The Wyoming Supreme Court also operates programs aimed at student education and preventing juvenile delinquency, such as the Children's Justice Program and the iCivics program.
Lawyers in Wyoming work diligently to provide the community with outstanding legal services. Wyoming lawyers file lawsuits on behalf of clients and provide them with indispensable legal advice. An attorney in Wyoming can provide assistance with legal claims and disputes.