Wyoming Bankruptcy Exemptions 2020
Written by Upsolve Team.
Updated July 2, 2020
It's important to understand what the exemptions for Wyoming are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Wyoming allow federal exemptions?
Wyoming does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Wyoming Exemptions
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 1-15-511; Wyo. Stat. § 1-15-408; Wyo. Stat. § 40-14-505; In re Walsh, 96 P.3d 1 (Wyo. 2004)
Most people use Wyo. Stat. § 1-15-511; Wyo. Stat. § 1-15-408; Wyo. Stat. § 40-14-505; In re Walsh, 96 P.3d 1 (Wyo. 2004) to cover wages - 75% or 30 times federal min wage. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 1-20-105
Most people use Wyo. Stat. § 1-20-105 to cover wearing apparel. For single debtors filing, it has a coverage limit of $2,000.
Wyo. Stat. § 1-20-105
Most people use Wyo. Stat. § 1-20-105 to cover wedding rings. For single debtors filing, it has a coverage limit of $2,000.
Wyo. Stat. § 1-20-106
Most people use Wyo. Stat. § 1-20-106 to cover firearms (max three) and ammunition. For single debtors filing, it has a coverage limit of $3,000. This exemption has a limit to the number of assets it can cover.
Wyo. Stat. § 1-20-106 (a)(i)
Most people use Wyo. Stat. § 1-20-106 (a)(i) to cover books, bible, pictures. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 1-20-106 (a)(iii)
Most people use Wyo. Stat. § 1-20-106 (a)(iii) to cover household goods and furnishings. For single debtors filing, it has a coverage limit of $4,000.
Wyo. Stat. § 1-20-106 (a)(iv)
Most people use Wyo. Stat. § 1-20-106 (a)(iv) to cover motor vehicle. For single debtors filing, it has a coverage limit of $5,000.
Wyo. Stat. § 1-20-106 (b)
Most people use Wyo. Stat. § 1-20-106 (b) to cover tools of trade. For single debtors filing, it has a coverage limit of $4,000.
Wyo. Stat. § 1-20-110
Most people use Wyo. Stat. § 1-20-110 to cover private or public retirement accounts. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 1-20-110
Most people use Wyo. Stat. § 1-20-110 to cover ira & roth ira. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 1-40-113
Most people use Wyo. Stat. § 1-40-113 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 12-4-604
Most people use Wyo. Stat. § 12-4-604 to cover liquor licenses and permits. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 15-5-209
Most people use Wyo. Stat. § 15-5-209 to cover firefighters' pensions. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 15-5-313 (c)
Most people use Wyo. Stat. § 15-5-313 (c) to cover police pensions. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 26-15-129
Most people use Wyo. Stat. § 26-15-129 to cover life insurance proceeds. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 26-15-130
Most people use Wyo. Stat. § 26-15-130 to cover disability benefits (if clause prohibits). For single debtors filing, it has no coverage limit.
Wyo. Stat. § 26-15-131
Most people use Wyo. Stat. § 26-15-131 to cover life insurance (group). For single debtors filing, it has no coverage limit.
Wyo. Stat. § 26-15-132
Most people use Wyo. Stat. § 26-15-132 to cover annuities - $350 per month. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 26-15-133
Most people use Wyo. Stat. § 26-15-133 to cover life insurance (if clause prohibits). For single debtors filing, it has no coverage limit.
Wyo. Stat. § 26-29-218
Most people use Wyo. Stat. § 26-29-218 to cover fraternal benefit. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 27-14-702
Most people use Wyo. Stat. § 27-14-702 to cover workers' compensation. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 27-3-319
Most people use Wyo. Stat. § 27-3-319 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 42-2-113 (b)
Most people use Wyo. Stat. § 42-2-113 (b) to cover public assistance. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 9-3-426
Most people use Wyo. Stat. § 9-3-426 to cover public employees. For single debtors filing, it has no coverage limit.
Wyo. Stat. § 9-3-426
Most people use Wyo. Stat. § 9-3-426 to cover criminal investigators, highway patrol. For single debtors filing, it has no coverage limit.
