Wyoming Bankruptcy Facts
Filing for bankruptcy can be a lengthy and complicated process. Luckily, our bankruptcy attorneys are here to make the process quick and simple for you. Our site features links to the highest ranked bankruptcy lawyers in Wyoming who have spent decades specializing in debt relief and will help you overcome your financial obstacles.
Whether your debt stems from unpaid credit card bills, medical costs or business expenses, our skilled Wyoming bankruptcy attorneys will take on your case and make sure the bulk of your debt is discharged.
Are you ready to watch your debt disappear? Then call one of our attorneys in your area today to schedule a consultation. The only thing you have to lose is your debt, so why wait any longer to determine your ideal debt relief plan?
What is Bankruptcy?
Bankruptcy is a federal process that involves a debtor (individual or business) declaring their inability to pay off what they owe to creditors. There are a number of bankruptcy chapters that can be filed in Wyoming, but each one caters to specific kinds of debt and debtor. In order to ensure the best outcome for your case is attained, it is wise to consult with an experienced Wyoming bankruptcy lawyer, who will thoroughly review your income, assets and expenditures and make sure the best option for your debt relief is chosen.
Popular Bankruptcy Chapters Filed by Wyoming Debtors
While there are several chapters of the U.S. Bankruptcy Code that may be filed in Wyoming, debtors in the state most commonly seek either Chapter 7 or Chapter 13 Bankruptcy Protection. Chapter 7 is known as “liquidation bankruptcy” because a petitioner’s assets are liquidated in exchange for the discharge of their debt. Chapter 13 bankruptcy, which is often called “reorganization bankruptcy,” allows for debtors to reimburse creditors on a payment plan.
Each chapter comes with its own set of pros and cons, so it’s important that you seek legal counsel to choose the option that is best for your needs.
Chapter 7 is by far the most commonly sought petition in Wyoming because both consumers and businesses can apply and debts may be completely wiped out in as little as three months. However, this chapter calls for the liquidation of assets, which not all petitioners are willing to do, despite the fact that there are some assets that are exempt from creditor seizure, such as the petitioner’s home and pension plans.
Chapter 13 is available to individual petitioners only and does not require any assets to be liquidated. Instead, a payment plan is devised to help debtors pay off what they owe to creditors over a three to five year time frame. Debts cannot be completely wiped out as with Chapter 7 bankruptcy, but this chapter is much easier to qualify for and can save petitioners who are being threatened with home foreclosure.
Maximizing Your Debt Relief with a Wyoming Bankruptcy Lawyer
Making the decision to file for bankruptcy is not easy, but when you have an experienced Wyoming bankruptcy attorney on your side, rest assured your case will be resolved quickly and favorably. Bankruptcy lawyers protect YOUR best interests, not those of creditors, and work diligently to help you achieve the maximum debt relief possible. Regardless of how much you owe in debt or why, your legal representative will help you overcome your debts so you won’t ever have to be burdened by creditors again.
Contact one of our featured bankruptcy attorneys in Wyoming to discuss your options and be on your way to eliminating your debt for good.