Bankruptcy Exemptions in Wyoming
What property you can keep in bankruptcy in Wyoming: homestead, vehicle, wildcard and retirement exemptions, and whether you can choose the federal exemptions.
Short answer: Wyoming has opted out of the federal bankruptcy exemptions. The federal exemption list in 11 U.S.C. 522(d) is not available when Wyoming law applies on the filing date and the debtor's domicile has been in Wyoming for the 180 days before filing (or for longer during that period than… Wyo. Stat. § 1-20-109
| State or federal exemptions | Wyoming has opted out of the federal bankruptcy exemptions. The federal exemption list in 11 U.S.C. 522(d) is not available when Wyoming law applies on the filing date and the debtor's domicile has been in Wyoming for the 180 days before filing (or for longer during that period than anywhere else). Those filers use Wyoming's state exemptions. Read in the Wyoming Legislature's compiled Title 1 statutes PDF. Source: Wyo. Stat. § 1-20-109 |
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| Homestead exemption | Every Wyoming resident is entitled to a homestead exemption of up to $100,000 in value, which applies only while the owner or the owner's family occupies the home. When two or more people jointly own and live in the same residence, each is entitled to the exemption. The homestead may be a house on a lot or on other land of any number of acres, or a house trailer or other movable home, so the statute sets no acreage limit. Read in the Wyoming Legislature's compiled Title 1 statutes PDF. The exemption does not apply against a debt for the purchase money of the property, and the person claiming it must be a bona fide Wyoming resident (§ 1-20-108). |
| Car exemption | Up to $5,000 of value in a motor vehicle. Read in the Wyoming Legislature's compiled Title 1 statutes PDF. Source: Wyo. Stat. § 1-20-106(a)(iv) |
| Retirement accounts | An individual's or beneficiary's interest in a retirement plan, and money or assets payable from one (including to a beneficiary who inherited the interest), are exempt from execution, attachment, garnishment or other legal process. "Retirement plan" means a plan, account or annuity qualified under Internal Revenue Code sections 401, 403, 408, 408A, 409, 414 or 457, which covers 401(k)s, 403(b)s, traditional and Roth IRAs and 457 plans. The exemption does not apply to contributions made within 90 days before filing bankruptcy or to an alternate payee's claim under a qualified domestic relations order. Read in the Wyoming Legislature's compiled Title 1 statutes PDF. Source: Wyo. Stat. § 1-20-110 |
| Wages | Wyoming's exemption chapter has no separate wage exemption for bankruptcy. Wyoming's garnishment law limits garnishment to the lesser of 25% of weekly disposable earnings or the amount by which weekly disposable earnings exceed 30 times the federal minimum hourly wage, and earnings deposited in a bank account within 20 days before a garnishment remain exempt to the same extent. Read in the Wyoming Legislature's compiled Title 1 statutes PDF. |
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FAQ
Can you use the federal bankruptcy exemptions in Wyoming?
Wyoming has opted out of the federal bankruptcy exemptions. The federal exemption list in 11 U.S.C. 522(d) is not available when Wyoming law applies on the filing date and the debtor's domicile has been in Wyoming for the 180 days before filing (or for longer during that period than anywhere else). Those filers use Wyoming's state exemptions.
How much home equity is protected in bankruptcy in Wyoming?
Every Wyoming resident is entitled to a homestead exemption of up to $100,000 in value, which applies only while the owner or the owner's family occupies the home. When two or more people jointly own and live in the same residence, each is entitled to the exemption. The homestead may be a house on a lot or on other land of any number of acres, or a house trailer or other movable home, so the statute sets no acreage limit.
Can I keep my car in bankruptcy in Wyoming?
Up to $5,000 of value in a motor vehicle.
Are retirement accounts protected in bankruptcy in Wyoming?
An individual's or beneficiary's interest in a retirement plan, and money or assets payable from one (including to a beneficiary who inherited the interest), are exempt from execution, attachment, garnishment or other legal process. "Retirement plan" means a plan, account or annuity qualified under Internal Revenue Code sections 401, 403, 408, 408A, 409, 414 or 457, which covers 401(k)s, 403(b)s, traditional and Roth IRAs and 457 plans. The exemption does not apply to contributions made within 90 days before filing bankruptcy or to an alternate payee's claim under a qualified domestic relations order.
Are wages protected in bankruptcy in Wyoming?
Wyoming's exemption chapter has no separate wage exemption for bankruptcy. Wyoming's garnishment law limits garnishment to the lesser of 25% of weekly disposable earnings or the amount by which weekly disposable earnings exceed 30 times the federal minimum hourly wage, and earnings deposited in a bank account within 20 days before a garnishment remain exempt to the same extent.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.