Wyoming Bankruptcy Exemptions

Find out about the property you'll be able to protect with Wyoming bankruptcy exemptions.

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 Exemptions v. Federal Bankruptcy Exemptions

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?

Common Wyoming Bankruptcy Exemptions

Here are some of the more common exemptions in Wyoming. When reviewing them, you’ll want to keep these things in mind:

  • Joint filing. Unless otherwise noted, when spouses file together in Wyoming, each spouse can claim the full amount of the exemption (informally called “doubling”) as long as each spouse has an ownership interest in the property.
  • List and verify your exemptions. You must claim an exemption by listing it in the official bankruptcy forms. You might qualify for exemptions not included in this article, or be required to meet qualification requirements. Consulting with a local bankruptcy attorney is the best way to ensure that you’re protecting your assets.
  • Legal citations. Legal references are to the Wyoming Statutes Annotated or federal law.

Wyoming Homestead Exemption

1-20-101-104 - Up to $20,000 in home equity.

Wyoming Motor Vehicle Exemption

1-20-106 - Up to $5,000 in a motor vehicle.

Other Wyoming Exemptions

Personal Property

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.

Wages

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.

Pensions

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.

Public Benefits

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.

Insurance

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.

Miscellaneous

12-4-604 - Liquor licenses and malt beverage permits.

Other

Add any applicable Federal Nonbankruptcy Exemptions.

Nonexempt Property—Property You Can’t Protect With a Wyoming Exemption

Some people can keep all assets, but that isn’t always true.

Here’s what will happen to nonexempt property:

  • In a Chapter 7 bankruptcy, the bankruptcy trustee appointed to administer your case will sell nonexempt property and distribute the proceeds to creditors. Find out more about the bankruptcy process and the Chapter 7 documents you'll need at each stage.
  • In a Chapter 13 bankruptcy, it works differently. You can keep everything you own, but you’ll pay creditors the value of the nonexempt property, your disposable income, or your nondischargeable debt (support obligations, most taxes, and the like), whichever is more, through your Chapter 13 repayment plan.

You’ll learn more about Chapter 7 and 13 in Which Type of Bankruptcy is Right for Me?

Confirming Wyoming Exemptions

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.

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