Legal Disclaimer: The following is basic legal information, provided as a public service by Wyoming’s lawyers. The information provided is not a substitute for speaking to an attorney. Only an attorney can give you legal advice regarding your specific situation. Click here for help finding a lawyer.
A Chapter 7 bankruptcy is a basic liquidation of an individual’s property for the purpose of repaying creditors and disposing of any remaining debts. Many debtors think all of their assets will be taken, but that is not true. Wyoming has a list of exemptions, meaning a debtor can keep certain property up to a certain value. You may keep property that is valued beyond the exemption amount if you want to pay to keep it.
In order to qualify to file a Chapter 7 bankruptcy, you typically must have a household income at or below the median income for your household size or have extraordinary bills that are ongoing and cannot be discharged in bankruptcy, such as day care or on-going out of pocket medical expenses. Click here for more information about Chapter 7 Bankruptcy.
A Chapter 13 can sometimes allow you to reduce what you pay for your car, reduce your interest rates on your car, reduce some tax liabilities, including tax penalties, and at times it will allow you to remove a second mortgage from your residence. Click here for more information about Chapter 13 Bankruptcy.
Click here to watch a typical creditor's meeting.
To find other videos, try searching in YouTube using the terms “341 meeting bankruptcy” and “chapter 7” or “chapter 13”.