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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Declaring Bankruptcy in Wyoming
People considering bankruptcy in Wyoming will surely come across information about changes to the law in 2005 that will impact their ability to discharge debt through Chapter 7. Under the provisions of the new bankruptcy law, consumers in Wyoming and across the country who earn more than the median income in their state will required to “pass” the means test in order to qualify for Chapter 7. If not, they will be obligated to file Chapter 13 bankruptcy instead.
The means test is nothing more than a series of questions used to determine how much money a consumer will have each month after accounting for necessary expenses to see if they can pay off part of the debts owed on a payment plan. If it determined that your income and expenses are not such that paying back at least a portion is not possible, you can file Chapter 7 if that’s your preferred avenue for debt elimination. If not, you will be required to declare Chapter 13 bankruptcy, which obligates you to pay your debt off on a three to five year payment plan.
2-person families: 51,853
3-person families: 58,620
4-person families: 71,559
5-person families: 57,355
6-person families: 67,642
7-or-more-person families: 74,011
Many people are turning to credit card reduction solutions like debt settlement and negotiation, as well as credit card debt counseling for help with their unsecured bills. To get matched with a company to learn more about these options, submit a form today!
Wyoming Consumer Credit Counseling Services
Wyoming Bankruptcy Laws
Wyoming Debt Collection
Wyoming Bankruptcy Statistics & Figures
2004: 2,417
2005: 3,183
2006: 650
Wyoming typically has low bankruptcy filings each year, even accounting for the relatively low population of the state, but 2006 saw an even bigger drop off than previous years. Overall personal and consumer bankruptcy cases declined by 79.5%, which is an astronomical drop but only slightly above average when compared to other states. Much of the reason for this precipitous decrease lies in the fact that new bankruptcy laws are causing more consumers to turn to debt help companies for assistance with their money problems.
Declaring Bankruptcy in Wyoming
People considering bankruptcy in Wyoming will surely come across information about changes to the law in 2005 that will impact their ability to discharge debt through Chapter 7. Under the provisions of the new bankruptcy law, consumers in Wyoming and across the country who earn more than the median income in their state will required to “pass” the means test in order to qualify for Chapter 7. If not, they will be obligated to file Chapter 13 bankruptcy instead.
The means test is nothing more than a series of questions used to determine how much money a consumer will have each month after accounting for necessary expenses to see if they can pay off part of the debts owed on a payment plan. If it determined that your income and expenses are not such that paying back at least a portion is not possible, you can file Chapter 7 if that’s your preferred avenue for debt elimination. If not, you will be required to declare Chapter 13 bankruptcy, which obligates you to pay your debt off on a three to five year payment plan.
2-person families: 51,853
3-person families: 58,620
4-person families: 71,559
5-person families: 57,355
6-person families: 67,642
7-or-more-person families: 74,011
Many people are turning to credit card reduction solutions like debt settlement and negotiation, as well as credit card debt counseling for help with their unsecured bills. To get matched with a company to learn more about these options, submit a form today!
Wyoming Consumer Credit Counseling Services
Wyoming Bankruptcy Laws
Wyoming Debt Collection
Wyoming Bankruptcy Statistics & Figures
2004: 2,417
2005: 3,183
2006: 650
Wyoming typically has low bankruptcy filings each year, even accounting for the relatively low population of the state, but 2006 saw an even bigger drop off than previous years. Overall personal and consumer bankruptcy cases declined by 79.5%, which is an astronomical drop but only slightly above average when compared to other states. Much of the reason for this precipitous decrease lies in the fact that new bankruptcy laws are causing more consumers to turn to debt help companies for assistance with their money problems.