Chapter 7: “Straight Bankruptcy”

Chapter 7 Bankruptcy (“Straight BankruptcyChapter 7: “Straight Bankruptcy” – Virgilia (Jil) S. Culver, Attorney 307-388-4085”) is a liquidation process where all of your debts and all of your assets are administered by the Bankruptcy Court.

Virgilia (Jil) S. Culver, Attorney 307-388-4085, Wyoming Bankruptcy, serving Rock Springs, Wyoming, Casper Wyoming and surrounding areas

• In chapter 7 bankruptcy, you are able to keep certain assets that are “exempt.” What assets are exempt is determined by the applicable law (In Wyoming, use Wyoming state law).
• Most debts, such as credit card debts, medical bills, personal loans, and car loan deficiencies, are discharged in chapter 7 bankruptcy. Recent taxes, most student loans, and most divorce and child support obligations are not discharged and will still need to be paid after the bankruptcy.
• If you want to keep your car(s) or your house, you will need to keep paying those payments. Also, you will need to cure any past due payments directly with the lender to keep those items. If you do not want to keep a car or your house, you can turn the property back through a Chapter 7 and have the deficiency discharged like any other debt.
• All of the attorney fees for representation in the bankruptcy case and court costs must be paid prior to filing the bankruptcy. There will also be a charge for the two classes you must take, one before and one after filing the bankruptcy.
• Your income must be low enough to file Chapter 7 bankruptcy. (See www.usdoj.gov/ust/“Means Test”)
• For Wyoming debtors, After November 1st 2018, the following income limits apply:
  
  Family of 1 is allowed income of $57,300
  
  Family of 2 is allowed income of $68,289
  
  Family of 3 is allowed income of $79,294
  
  Family of 4 is allowed income of $89,527
  
  Family of 5 is allowed income of $97,927

• Over 5 add $8,400 for each additional household member.

Virgilia (Jil) S. Culver, Attorney 307-388-4085, Wyoming Bankruptcy, serving Rock Springs, Wyoming, Casper Wyoming and surrounding areas