Wyoming Bankruptcy Lawyers, Debt Relief

Find a Bankruptcy Lawyer in Wyoming with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Bankruptcy protects consumers against lawsuit from creditors. Many people in Wyoming file under chapter 7 for a fresh start or chapter 13, but because Wyoming is a farming community, chapter 12 is also pretty common. Chapter 12 is reserved for family farmers.

According to Paul Hunter, a Wyoming bankruptcy attorney, chapter 11 is primarily used to reorganize rather than liquidate businesses. If your debts are below the following amounts--you may be eligible to use the chapter 13 repayment bankruptcy.

• Secured Debts (Debts secured by collateral) less than $871,550

• Unsecured Debts (Debts without collateral) less than $290,525

A chap 11 BK or chapter 12 may be appropriate if you wish to reorganize a farming or ranching operation. To qualify for chapter 12--you must be a "family farmer." You must have less than a certain amount of farm related debt and more than a set percentage of your debt and your income must arise out of a farming operation.

Bankruptcy protection starts after you undergo the mandatory credit counseling required under the Bankruptcy Abuse Prevention and Consumer Protection Act and file your case with the Court. Until that time, creditors can still pursue collection of credit card debt and other debts you owe. If you are facing a Wyoming foreclosure, you may want to consider a chapter 13 bankruptcy because chapter 7 only temporarily stops foreclosure proceedings, while chapter 13 will stop them altogether. You'll then get the opportunity to cure the back payments over a period of 3 to 5 years. However, you will have to keep current with your chapter 13 plan payments and with your mortgage in order to be able to keep your house.

Avoiding Bankruptcy
Wyoming chapter 7 bankruptcy laws and Wyoming chapter 13 bankruptcy laws have changed the landscape of filing for bankruptcy. It is now more complicated and expensive to file for chapter 7 and chapter 13 bankruptcy. But, there are two aggressive, but effective ways of avoiding bankruptcy: loan modification and debt settlement. A debt settlement involves getting your creditors to agree to take less than what you owe as full payment for the debt. A loan modification involves negotiating with your mortgage lender for rates and terms that allow you to stay in the loan. Cheyenne bankruptcy lawyers, Cheyenne bankruptcy attorneys and other Wyoming bankruptcy lawyers can explain your options and advise you on the best one to choose.