The Wyoming Notice of Chapter 12 Bankruptcy Case (For Individuals or Joint Debtors) is a document that is given to any creditor that is owed money by an individual or joint debtor who has filed for Chapter 12 bankruptcy in Wyoming. This document informs creditors of the bankruptcy filing, the date of filing, the case number, the name of the bankruptcy trustee, and other important information. It also informs creditors that they have certain rights during the bankruptcy process, including the right to object to any proposed repayment plan and receive notice of any hearing related to the bankruptcy case. There are two types of Wyoming Notice of Chapter 12 Bankruptcy Case (For Individuals or Joint Debtors): a Notice of Chapter 12 Bankruptcy Case (For Individuals) and a Notice of Chapter 12 Bankruptcy Case (For Joint Debtors). Both notices provide creditors with the same information, but the notice for joint debtors also includes the name of each debtor.
Wyoming Notice of Chapter 12 Bankruptcy Case (For Individuals or Joint Debtors)
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FAQ
When you file for bankruptcy protection, a discharge from the court will relieve you of your obligation to repay your creditors for certain debts. As noted, once your debt is discharged, your creditors cannot contact you or attempt to collect the debt in any way.
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.
Advantages of Chapter 12 Bankruptcy Assets are not at risk of liquidation. Monthly payments can accommodate seasonal earning trends and do not need to be equal. No anti-modification provision on home mortgages. Less rigid limitations on the amount of debt you are allowed to have.
debtor is someone who took out a loan with you. In doing so, they agreed to be equally responsible for repaying the loan or debt. If you have debts with codebtors and you don't reaffirm the debt in a Chapter 7 case, your codebtor will be solely responsible for repaying the debt if you get a bankruptcy discharge.
More In File Chapter 12 ? This chapter of the bankruptcy code is used for the adjustment of debts of a family farmer or family fisherman with regular annual income. Chapter 12 allows the family farmer/fisherman to reorganize debts through a payment plan.
Also known as liquidation or straight bankruptcy, Chapter 7 is the most common type of bankruptcy for individuals.
In a Chapter 13 consumer bankruptcy, the automatic stay extends to co-debtors. ?Co-debtors? include co-borrowers and co-signors of consumer debts.
Involuntary bankruptcy is a legal proceeding through which creditors request that a person or business go into bankruptcy. Creditors can request involuntary bankruptcy if they think that they will not be paid if bankruptcy proceedings don't take place.