Wyoming Chapter 13 Bankruptcy Lawyers

Chapter 13 bankruptcy is a fantastic way for individuals facing financial turmoil to reorganize their debts and move on with their lives. Though taking the first step of filing for bankruptcy can be daunting, with the right legal team in your corner, it doesn’t have to be. Please don’t hesitate to contact the skilled Wyoming Chapter 13 bankruptcy lawyers here at 307 Bankruptcy so we can explore your options and help you attain the peace of mind you deserve.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, often referred to as a “wage earner’s plan,” is designed for individuals who have a steady income but are struggling to manage overwhelming debts. Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay creditors, Chapter 13 focuses on reorganization. This means you’ll propose a repayment plan to pay off your debts over a period of three to five years, based on what you can reasonably afford.

The goal is to help you retain your assets, such as your home or car, while you get back on track financially. Chapter 13 also stops collection actions, like foreclosures, giving you the breathing room you need to regain control of your finances.

Do I Qualify for Chapter 13 Bankruptcy in Wyoming?

Eligibility for Chapter 13 bankruptcy depends on several factors. First and foremost, you must have a regular income that allows you to make consistent payments under a repayment plan. In addition, your unsecured debts (such as credit card balances and medical bills) must not exceed $2,750,000, and your secured debts (such as mortgages or car loans) must also stay below this threshold.

Wyoming residents particularly suited for Chapter 13 are those looking to avoid foreclosure, keep valuable assets, or repay certain debts—like taxes or child support—in an organized manner. It’s also a great option for individuals who don’t qualify for Chapter 7 due to higher income levels. With the guidance of our experienced team at 307 Bankruptcy, we’ll assess your financial situation and determine whether Chapter 13 is the right fit for you.

How Does the Chapter 13 Bankruptcy Process Work?

The Chapter 13 bankruptcy process involves several key steps, and having a skilled Wyoming bankruptcy lawyer by your side ensures every detail is handled properly. Here’s a brief overview of what you can expect:

1. The first step is meeting with your Gilette bankruptcy attorney to review your financial situation and discuss your goals. Your lawyer will help determine whether Chapter 13 is the best path forward.
2. Once you decide to proceed, your attorney will prepare and file your bankruptcy petition with the court. This document includes detailed financial disclosures, such as your income, expenses, debts, and assets.
3. Filing triggers an “automatic stay,” which immediately halts creditor actions, including collection calls, wage garnishments, and foreclosure proceedings. This protection remains in place throughout your case.
4. Together with your attorney, you’ll create a repayment plan tailored to your financial capabilities. The plan outlines how you’ll repay creditors over a three- to five-year period.
5. The court will review your repayment plan, and creditors may raise objections. A confirmation hearing is held to approve the plan, ensuring it complies with bankruptcy laws and is feasible for you.
6. Once the plan is approved, you’ll begin making monthly payments to the bankruptcy trustee, who distributes the funds to creditors according to the plan.
7. After successfully completing all payments under the plan, any remaining eligible debts are discharged. This means you’re no longer legally obligated to repay them, allowing you to move forward with a clean financial slate.

Contact Our Gillette, Wyoming Bankruptcy Lawyers Today

Here at 307 Bankruptcy, we pride ourselves on our ability to effectively represent clients throughout Wyoming as they seek their safe harbor. No matter your circumstances, if you’re facing financial difficulties, our Gillette Chapter 13 bankruptcy lawyers are on your side. If you have further questions about the process or believe you’re ready to get started, simply contact 307 Bankruptcy for your free initial consultation today.