{"id":377408,"date":"2016-03-31T21:37:24","date_gmt":"2016-04-01T02:37:24","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/wyoming-law\/wyoming-homestead-laws.html"},"modified":"2016-06-20T19:51:44","modified_gmt":"2016-06-21T00:51:44","slug":"wyoming-homestead-laws","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/wyoming-law\/wyoming-homestead-laws.html","title":{"rendered":"Wyoming Homestead Laws"},"content":{"rendered":"\n
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Wyoming Homestead Laws<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

A homestead exemption is an amount the state protects for each residents in the event of a bankruptcy. Just about every state has homestead protection laws<\/a> intended to protect land and homeowners from losing real estate and property in the event of a bankruptcy. These statutes can allow an individual to set aside a parcel of real property, or "homestead," which would remain off limits to certain types of creditors. Here is a brief summary of homestead laws in Wyoming.<\/p>\n

Wyoming Homestead Statutes<\/h2>\n

While state homestead laws<\/a> can be vary quite a bit, Wyoming\u2019s homestead exemption is not one of the more generous exemptions.  You can only exempt up to $20,000 of your home – or $40,000 for a married couple who files jointly. Homestead protections in Wyoming are highlighted in the chart below.<\/p>\n\n
Code Section<\/td>\n1-20-101<\/td>\n<\/tr>
Max. Property Value That May Be Designated ‘Homestead’<\/td>\n$10,000<\/td>\n<\/tr>
Maximum Acreage (Urban)<\/td>\n–<\/td>\n<\/tr>
Maximum Acreage (Rural)<\/td>\n–<\/td>\n<\/tr><\/tbody><\/table>\n

Purpose of Homestead Laws<\/h2>\n

A bankruptcy proceeding will generally require a person to sell all of their assets in order to pay for their debts. One main purpose of homestead laws is to prevent homelessness in the event of bankruptcy. A person who goes through bankruptcy will always have fewer assets<\/a> than they have liabilities<\/a>. 
\n<\/p>\nAmount Doubles for Married Couples<\/b><\/div>\n

As mentioned above, in Wyoming, when two or more people jointly own, and reside in, a homestead property, each is entitled to his or her own exemption. This means that if a married couple jointly owns their home, they can claim a total homestead exemption of $40,000.<\/p>\n

Wyoming’s homestead exemption applies to real property, including your:<\/p>\n