What Is the Bankruptcy Means Test in Wyoming?
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Written by the Upsolve Team.
Updated September 29, 2020
Wyoming may be The Equality State, but life in Wyoming is not always created equal. Some people work hard and get ahead. Others work hard and struggle through no fault of their own. Unfortunately, everyone can fall on hard times now and again, no matter how hard they work. Thankfully, if you are having trouble making ends meet, you may be able to take advantage of life-changing financial solutions like a Wyoming bankruptcy. If your household meets certainincome limits, you may qualify to file forChapter 7 bankruptcy. To be eligible for Chapter 7 bankruptcy, your household will need to pass the bankruptcy Means Test in Wyoming. Essentially, this test examines the size of your household, your income and your expenses to determine if you are in a position to pay off your debts. Successful Chapter 7 bankruptcy results in theelimination of most debts, so the government has an interest in making sure that only families who truly can’t pay any of their debts qualify for this extraordinary relief.
Wyoming Median Income Levels
Wyoming Median Income Standards for Means Test for Cases Filed In 2023 | ||
|---|---|---|
| Household Size | Monthly Income | Annual Income |
| 1 | $5,042.50 | $60,510.00 |
| 2 | $6,345.25 | $76,143.00 |
| 3 | $7,408.50 | $88,902.00 |
| 4 | $8,833.58 | $106,003.00 |
| 5 | $9,658.58 | $115,903.00 |
| 6 | $10,483.58 | $125,803.00 |
| 7 | $11,308.58 | $135,703.00 |
| 8 | $12,133.58 | $145,603.00 |
| 9 | $12,958.58 | $155,503.00 |
| 10 | $13,783.58 | $165,403.00 |
Discharge in Bankruptcy for Wyoming
The court order that results in the elimination of debts in a bankruptcy is commonly referred to as the discharge. To qualify for a Wyoming bankruptcy discharge under Chapter 7 of the Bankruptcy Code, you must be eligible under the Chapter 7 Means Test and complete each step of the Chapter 7 bankruptcy process. Most folks eligible for a Chapter 7 bankruptcy are even able tokeep all of their personal possessions. If you don’t qualify for Chapter 7 bankruptcy due to your Means Test results, you can get a Wyoming bankruptcy discharge after completing a 3 to 5 year payment plan as part of a Chapter 13 bankruptcy.
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Wyoming Means Test Calculator
How can you predict if you will be granted a discharge? You can use an online Wyoming Means Test calculator. You may benefit from using the Wyoming Means Test calculator maintained by Upsolve. Not all online Means Test calculators are regularly updated. The Means Test calculators run by the nonprofit legal aid team at Upsolve are always current. Therefore, when you use these resources, you can trust their results. You can’t make an informed decision about whether you should file for Chapter 7 bankruptcy unless you have accurate, state-specific Means Test results, so choose your calculator with care. Once you have completed your bankruptcy Means Test in Wyoming, you can reach out to Upsolve if you have any questions. This respected nonprofit provides all-around bankruptcy legal aid services for lower-income filers. It also assists higher-income filers with findingexperienced attorneys who can explore debt management alternatives to Chapter 7 bankruptcy.
What Happens if I Fail the Means Test for Wyoming?
Wyoming is the least populous state in the Union, partially because living in Wyoming requires a certain toughness of spirit. If you have failed the bankruptcy Means Test in Wyoming, don’t worry. You’re tough and you will find an alternative solution.Wyoming bankruptcy is dynamic, so you may be able to file for bankruptcy in another form. Whether you are burdened bymedical bills or credit card debt, there are debt relief options available to you regardless of your household size and income. It may simply be time to speak with anexperienced attorney about your situation. As you prepare to find alternatives to Chapter 7 bankruptcy, consider writing down any questions you may have so that you can reference them when you meet with a lawyer. Meeting with a lawyer may feel intimidating but it’s a risk-free process, especially since most bankruptcy lawyers offer free consultations. Speaking with an attorney to get answers to your questions doesn’t mean that you have to take any other action if you don't want to; it doesn’t even mean that you have to hire the lawyer if you are not comfortable with them. There is never any harm in seeking solutions so you can make informed decisions for your family.
