Wyoming Laws and Legal Materials
Welcome to OVLG's Wyoming laws and legal information center. Here, you can learn about state laws, legal information, and court information. Get links to state government websites and much more.
Debt Relief Options in Wyoming
In Wyoming, there are some assistance programs provided to people having financial problems:
Debt Settlement
This method is tailored to lower your overall debt. You can pay off unsecured debts such as payday loans, credit card bills, personal loans, and medical bills through debt settlement. To initiate the process, you need to first negotiate with creditors. They must agree on settling your debts into less than what you owe. This method may temporarily fix some financial issues. However, it will hurt your credit score later. Debt settlement will be added to your credit report for seven years. It will practically lower your ability to get new credit lines.
Debt Consolidation Loan
High-interest multiple debts can be consolidated through a debt consolidation loan. Borrowers can get low-interest personal loans to pay off their debts. The rate of interest will be lower as well as the monthly payment. The borrower has to make the monthly loan payments on time. If the borrower defaults, it may hurt credit scores, and late penalties can be charged.
Credit Card Debt Forgiveness
Only a few nonprofit credit counseling companies may offer this. This is different from the ordinary debt settlement method. Creditors have pre-agreed to lower outstanding debts by 40%-50%. The debtor may start reducing debts by making the initial monthly payment. The debt can be paid off within 36 months.
Wyoming Consumer Debt Collection Laws
Unlike many other states, Wyoming does not augment the FDCPA with a state-mandated Fair Debt Collection Practice Act. As a result, the residents became vulnerable to predatory debt activities by original creditors. Credit card companies and other creditors may contact Wyoming citizens directly about debts, especially delinquent payments.
The Federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collection agencies from certain acts. Under the FDCPA, collection agencies cannot notify employers of debts or attempt to collect fees over debts.
Debt collection agencies cannot involve judicial or government processes while communicating with debtors. Debt collection agencies can not call debtors or their family members at irregular hours. They also can not make multiple calls in a day. It would be considered harassment or abuse.
The Wyoming Fair Debt Collection Practices Act compels collectors to register and get a license. However, consumers cannot bring individual lawsuits against them. Wyoming consumers facing abusive or harassing collection techniques are best protected by Wyoming Statutes 33-11-101 through 33-11-116. These are state-specific laws and protect customers from unfair debt collection. It also protects creditors who use debt collection companies.
Here are some of the most important Wyoming debt collection laws:
- Wyoming debt collectors must be licensed - As per Wyoming debt collection laws, unlicensed agencies will be penalized up to $750 or imprisoned for 6 months (WY Stat § 33-11-115).
- Wyoming debt collectors must verify the debt - Wyoming debt collectors must provide debtors with detailed debt records. These records should include the total debt amount, extra charges, payment details, and outstanding balance.
- Wyoming debt collectors can't charge fees - Collectors can file lawsuits for the debt amount plus interest and court expenses. No other charges are allowed.
- Wyoming debt collectors must document collections - Debt collectors must offer clients a statement of every money collected within 30 days of the month.
Wyoming Statute of Limitations on Debt Collection
Wyoming has different debt collection statutes of limitations for various types of debt.
- Ten years applies to written contracts and agreements.
- The statute of limitations for oral contracts is eight years.
- Draft check dishonor has a three-year statute of limitations
- Judicial judgments have a twenty-one-year statute of limitations
The clock starts every period from the “date of default,” usually 30 days after the last payment.
Additional legal resources for consumers
Wyoming bankruptcy laws
In Wyoming, federal bankruptcy laws help people and companies facing debt problems. In most of the 94 federal judicial districts, bankruptcy cases are filed only in bankruptcy courts. Bankruptcy laws (Chapters 7 and 13) allow debtors to pay off creditors by selling assets and setting up a repayment plan.
Companies that file for bankruptcy can pay off their creditor through restructuring or liquidation under the US Code Title 11 (Bankruptcy Code).
The main goals of bankruptcy law are:
- To provide a new chance to the debtor by eliminating most debts.
- To pay creditors through selling assets or a repayment plan.
This approach can eliminate all the high-interest debt obligations such as credit card debt, payday loans, medical bills, etc. However, bankruptcy may also cause long-term damage that could hurt your credit for 7-10 years. That credit score hit will certainly hinder future credit transactions like housing or car loans. Before declaring bankruptcy, consider such an impact on your credit.
Can Bankruptcy Eliminate All Your Debts?
Yes, but there are some exceptions. Bankruptcy usually can't wipe out these:
- Child support, alimony, fines, and taxes;
- Debts not listed on bankruptcy petition
- Loans obtained by providing false information to a creditor
- Debts caused by "willful and malicious" harm
- Student loans owed to schools or government bodies (if not forgiven by court)
- Unpaid mortgages and liens
- Know more about Wyoming bankruptcy
- Wyoming Department of Justice Contact Details
- Wyoming Attorney General’s Office Contact Details
- Wyoming State Bar
Company formation in Wyoming
To form a Wyoming-based company, you must:
- Choose an Entity Type
- Choose a Company Name
- Find a Registered Agent
- Complete the Correct Form or File Online
- Register your company with the state
- Produce internal corporate documents
- Issue stocks and shares
How much does Wyoming company formation cost?
A registered agent might charge $0 or $125 annually. The filing fee for most entities is $100.00, and nonprofit corporations pay $50.00. This is the state filing fee for the Wyoming Articles of Organization. Wyoming Annual Reports cost $60 annually.
Does Wyoming require a business license for a company?
In Wyoming, there's no formal business license. But, you must form and register your LLC, partnership, or corporation with the Secretary of State. It can be done online through the Wyoming Secretary of State's website. Sales tax licenses are required for companies engaged in business in Wyoming that sell goods or services. The Sales and Use Tax License costs $60. It is a one-time fee, no renewals are needed.
How do I Form a Company in Wyoming?
You should follow these steps to form a company:
1. Corporation Name
Wyoming corporations must follow naming rules established in WY Stat § 17-16-401.
2. Choose a Registered Agent
Every Wyoming corporation must appoint a registered agent per WY Stat § 17-28-101.
3. Submit Articles of Incorporation
File your Wyoming Articles of Incorporation. Online filing requires a $2 convenience fee.
4. Get an EIN
You should get the company's federal employer identification number (EIN or FEIN).
5. File the Beneficial Ownership Information Report
Since January 1, 2024, most US companies must file a BOI Report with FinCEN. Reporting companies must submit identifying information about the company, its beneficial owners, and (for new companies) the application.
6. Draft Corporate Bylaws
Bylaws are interim rules that control your company. Bylaws decide and document decision-making authorities and individuals. Your bylaws will outline your company's essential corporate procedures.
7. Get together an Organizational Meeting
This is the first official meeting once the company is lawfully created with the state. Corporate organizational meetings create bylaws, assign officers, and conduct other initial business. Your corporation record book should document the first meeting minutes.
8. Open Corporate Bank Account
Your company needs its own bank account to avoid liability issues. A corporate bank account accepts payments, pays bills, and keeps funds.
9. File state Reports & Taxes
Wyoming companies pay license taxes and draft annual reports. Including the license tax, Wyoming has one of the lowest tax burdens.
How do I dissolve my Wyoming company?
To dissolve your company in Wyoming, you must send Articles of Dissolution and a $50 payment to the Wyoming Secretary of State. Once received, the documents will be processed in 3-5 days. Finally, they will be filed online, and the company will be closed.
Wyoming wills and living trusts
How do Wyoming living trusts work?
You can include your assets in a "living" trust ("inter vivos" trust). The trust will distribute those assets to your beneficiaries after your death.
How much does Wyoming trust formation cost?
A revocable Living Trust costs $1,000–$3,000. The cost may increase, considering the complexity of the trust and attorney fees.
Is a trust better than a Will in Wyoming?
A trust allows the grantor to distribute assets before his/her death. This way, he/she can also avoid the costly probate process. However, by creating a Will, you may even assign non-trust assets to your beneficiaries.
However, the high cost is a drawback of a living trust. Wills typically cost $0–$1,000. A living trust may cost between $139–$3,000. It also requires $2,500–$7,000 as maintenance costs.
Is a handwritten Will allowed in Wyoming?
In Wyoming, a holographic Will or handwritten Will is valid if the testator writes and signs it.
Do Wyoming trusts require probate?
By creating a revocable or irrevocable trust, you may avoid probate in Wyoming. Trusts protect your assets from court-supervised probate.
What invalidates a Will in Wyoming?
The Will is invalid in Wyoming if it violates the RA Civil Code's will-formation laws (Civil Code section 1211, 3).
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