What happens to my automobile after bankruptcy in Wyoming?
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Most people use the Wyo. Stat. § 1-20-106 (a)(iv) exemption to cover their automobile in Wyoming Chapter 7 bankruptcy cases.
Wyoming does not allow the use of federal exemptions. You will have to use the state exemption scheme.
Under that scheme, most people use Wyo. Stat. § 1-20-106 (a)(iv) to exempt automobile in Wyoming bankruptcy cases.
Wyo. Stat. § 1-20-106 (a)(iv) is typically used to cover motor vehicle. For single debtors filing, it has a coverage limit of $5,000. If your assets go over this limit, they may be able to be seized by a trustee.
Here is a list of some statutes available in Wyoming that are available for filers.
It is worth taking your time on these exemptions. If you do not cover an asset with an exemption in a Wyoming bankruptcy case, it may be seized by a trustee. If you do not feel comfortable with these decisions and want assistance, read more about exemptions or consider using our free bankruptcy help.
When filing Chapter 7 or Chapter 13 bankruptcy you must report your assets. Exemptions are the laws that allow you to protect those assets from being taken by a Trustee. Take your time with this so you avoid losing property.
Special Considerations for Vehicles
How a car is handled in a bankruptcy can be quite different depending on whether you lease, share ownership, or wholly own a car. We recommend you browse further reading about vehicles in our learning center.