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Wyoming Bankruptcy Exemptions
The Wyoming bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Wyoming. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments, the equity is covered by your exemptions, and you elect to keep making payments on the loan you generally can keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the assets. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Wyoming you may also use certain federal exemptions in addition to your Wyoming exemptions. |
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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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Homestead
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Real property you occupy to $20,000 (joint owners may double)
Spouse or child of deceased owner may claim homestead exemption
Property held as tenancy by the entirety may be exempt against debts
owed by only one spouse
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1-20-101, 1-20-102,1-20-104
1-20-103
In re Anselmi, 52 B.R. 479
(D. Wy. 1985)
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Insurance
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Annuity contract proceeds to $350 per month
Disability benefits if clause prohibits proceeds from being used to
pay creditors
Fraternal benefit society benefits
Group life or disability policy or proceeds
Life insurance proceeds held by insurer, if clause prohibits proceeds
from being used to pay beneficiaryís creditors
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26-15-132
26-15-130
26-29-218
26-15-131
26-15-133
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Miscellaneous
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Liquor licenses & malt beverage permits
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12-4-604
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Pensions
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Criminal investigators, highway officers
Firefighters, police officers (only payments being received)
Game & fish wardens
Private or public retirement funds and accounts
Public employees
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9-3-620
15-5-209
9-3-620
1-20-110
9-3-426
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Personal Property
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Bedding, furniture, household articles & food to $4,000 per person
in the home
Bible, schoolbooks & pictures
Burial plot
Clothing & wedding rings needed, up to $2,000
Funeral contracts, pre-paid
Motor vehicle to $5,000
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1-20-106(a) (iii)
1-20-106(a) (I)
1-20-106(a) (ii), 35-8-104
1-20-105
26-32-102
1-20-106(a) (iv)
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Public Benefits
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General assistance
Crime victimsí compensation
Unemployment compensation
Workersí compensation
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42-2-113
1-40-113
27-3-319
27-14-702
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Tools of Trade
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Library & implements of professional to $4,000 or tools, motor
vehicle, implements, team & stock in trade to $4,000
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1-20-106(b)
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Wages
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Earnings of National Guard members
Minimum 75% of earned but unpaid wages
Wages of inmates on work release
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19-2-501
1-15-511
7-16-308
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Wild Card
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None
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For more information on filing bankruptcy in Wyoming explore Wyoming Bankruptcy Law.
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