It is said that preexisting debt, when remained unpaid, can hamper even the honest and unfortunate debtor from going into a crisis.
The governing federal law of Wyoming provides a series of the comprehensive filing process.
The process is also quite simple and flexible to understand, apply and appreciate the varied structure of laws.
There is a requirement of pre-credit counseling and pre-discharge debtor education in an approved US agency.
Under Wyoming bankruptcy laws,
there are two options wherein bankruptcy filing can be considered either for individuals or corporate.
Bankruptcy process
- Individual debtors filing for bankruptcy within a prescribed time of 6 months
- Bankruptcy act means test, analyzing expenses and incomes to qualify for Chapter 7 or Chapter 13
- Gathering paperwork for itemizing current income sources
- Filing for bankruptcy using Wyoming exemptions
- Chapter 13 requirements and submitting a proposed repayment plan
- Meeting of creditors and plan confirmation