The Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2) is a legal document that can be used by debtors in the state of Wyoming to protect their assets from creditors in a Chapter 7 bankruptcy case. The statement allows a debtor to declare their assets exempt from the presumption of abuse, which is a legal concept that requires debtors to prove that their assets were not acquired through fraud or deception in order to keep them from creditors. The statement is an alternative to filing a bankruptcy petition and can be used to protect the debtor’s assets without filing for bankruptcy. There are two types of Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2): the “Statutory Exemption” and the “Equitable Exemption.” The Statutory Exemption is used to protect assets up to a certain amount, while the Equitable Exemption is used to protect assets beyond the Statutory Exemption limits. In either case, the debtor must prove that the assets were not acquired through fraud or deception in order to be exempt from the presumption of abuse.
Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2)
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FAQ
A finding of "presumption of abuse" alerts the bankruptcy court to the fact that a debtor filing a Chapter 7 case has sufficient income to pay into a Chapter 13 repayment plan. (By definition, a Chapter 7 debtor's income is too low to repay creditors.)
The presumption of abuse is intended to prevent people who can afford to pay off some of their debts from using the Chapter 7 bankruptcy process. A presumption of abuse exists if you fail to pass either part of the Chapter 7 means test and special circumstances or exceptions don't apply to your situation.
Rebutting the Presumption of Abuse By failing the Chapter 7 means test a debtor is presumed to be making too much money and attempting to perpetrate a fraud upon the bankruptcy court. However, a debtor's bankruptcy attorney may be able to help the debtor ?rebut? this presumption.
If your income is more than the median, you must then overcome the presumption of abuse by passing the means test or proving to the court that special circumstances exist such that your case should not be dismissed or not be converted to a Chapter 13 bankruptcy.
The presumption of abuse does not arise. Or The presumption of abuse arises. Or Insufficient information has been filed to date to permit the clerk to make any determination concerning the presumption of abuse. If more complete information, when filed, shows that the presumption has arisen, creditors will be notified.
The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing.
Under 11 U.S.C. §707(b)(3) of the BAPCPA, dismissal is warranted based upon ?abuse,? including in cases where the totality of the circumstances indicates the debtor has the ability to repay a substantial portion of his or her unsecured debt. That a chapter 7 case may be dismissed for ?abuse? under 11 U.S.C.