Updated January 29, 2019
You don’t have to worry about losing everything when filing for bankruptcy in Wyoming. Wyoming’s bankruptcy exemptions allow a debtor to protect property needed to work and live, such as a home, car, and retirement account.
Wyoming, like every state, has a set of bankruptcy exemptions. Federal bankruptcy exemptions also exist, and some states allow residents to choose between the state and federal exemption schemes. Wyoming isn’t one of them. You’ll use Wyoming’s state exemptions and the federal nonbankruptcy exemptions, if they’re helpful.
To learn more about how bankruptcy exemptions work, which state exemption system you should use, and the homestead exemption rules, read Bankruptcy Exemptions – What Can I Keep When I File for Bankruptcy?
Here are some of the more common exemptions in Wyoming. When reviewing them, you’ll want to keep these things in mind:
1-20-101-104 - Up to $20,000 in home equity.
1-20-106 - Up to $5,000 in a motor vehicle.
1-20-105 - Clothing and wedding rings up to $2,000 total.
1-20-106 - Household articles, furniture, bedding and food up to $4,000 per person in the home; school books, pictures, bible, and burial plot.
1-20-111 - Medical savings account contributions.
26-32-102 - Pre-paid funeral contracts.
1-15-511; 1-15-408; 40-14-505 - The greater of the following: 30 times the federal minimum hourly wage or minimum of 75% of disposable weekly earnings.
7-18-114 - Wages of inmates in adult community corrections programs.
7-16-308 - Wages of inmates on work release.
19-9-401 - Earnings of National Guard members.
25-13-107 - Wages of inmates in correctional industries programs.
11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing, and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).
11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to maximum (amount changes).
1-20-110 - Private or public retirement funds or accounts, including IRAs, Roth IRAs, and SEP IRAs, including inherited accounts.
9-3-426 - Public employees.
9-3-620 - Highway officers, criminal investigators, and game and fish wardens.
15-5-209 - Death benefits of firefighters.
15-5-313 - Police officers.
1-40-113 - Crime victims' compensation.
27-14-702 - Workers' compensation.
27-3-319 - Unemployment compensation.
42-2-113 - General assistance.
Tools of Trade
1-20-106 – Tools and implements needed in a trade up to $4,000; library and implements needed by a professional up to $4,000.
26-15-129 - Life insurance proceeds.
26-15-130 - Disability benefits if policy prohibits use to pay creditors.
26-15-131 - Group life or disability policy or proceeds.
26-15-132 - Annuity contract proceeds up to $350 per month.
26-15-133 - Life insurance proceeds if policy prohibits use to pay creditors.
26-29-218 - Fraternal benefit society benefits.
12-4-604 - Liquor licenses and malt beverage permits.
Add any applicable Federal Nonbankruptcy Exemptions.
Some people can keep all assets, but that isn’t always true.
Here’s what will happen to nonexempt property:
You’ll learn more about Chapter 7 and 13 in Which Type of Bankruptcy is Right for Me?
This list includes the majority of bankruptcy exemptions available in Wyoming. However, doesn’t include all exemptions; states often create qualification requirements for specific exemptions; and, Wyoming might have changed the amounts since this list was last updated. Check the Wyoming Statutes Annotated or with a local bankruptcy lawyer.