Wyoming Homestead Laws
Key Takeaways
Wyoming homestead exemptions protect homeowners’ property from forced sale and seizure in the event of bankruptcy or collection actions. Homestead exemption laws protect the homeowner’s equity in their primary residence, up to one hundred thousand dollars ($100,000). Homestead exemption laws are different from property tax exemptions, which reduce a homeowner’s tax burden based on the property’s assessed value. Homestead laws exempt a statutory amount of real estate and only apply to collection actions and bankruptcy.
The state of Wyoming homestead statute (Wyo. Stat. Ann. § 1-20-101) protects a homeowner’s primary residence. To qualify for the exemption, you must be a Wyoming resident. The real property must be your principal dwelling. The exemption protects:
- A house or a house trailer on a lot
- A moveable home or mobile home whether or not the wheels have been removed
- Motor homes and RVs if they are used as the primary residence
- A farm containing any number of acres
The exemption does not protect second homes, rental property, or cars or trucks being used as a residence. It only applies to the primary residential property. A debtor living in their vehicle can protect the car under the standard bankruptcy exemption.
Like Wyoming bankruptcy exemptions in general, the homestead exemption does not protect property from all collection actions. It will not protect your home from tax liens, mechanic’s and contractor’s liens, or foreclosure.
The Wyoming homestead exemption protects up to $100,000 in a homeowner’s equity. If a married couple files joint bankruptcy, they can each claim the protection, as can any other person who resides in the property with joint ownership. Surviving spouses can claim the exemption after their partner’s passing.
Wyoming law does not have a provision for updating the exemption amount. The current value has been in place since 2023. It may change without notice. Property owners should check with an attorney before filing bankruptcy.
The bankruptcy homestead exemption is automatic under state law, becoming effective as soon as a homeowner moves into the residence. The property tax exemption is not automatic. Homeowners must apply for this exemption annually at the county assessor’s office.
Get Legal Advice From a Wyoming Bankruptcy Attorney
Protecting your real estate from bankruptcy is the main purpose of Wyoming’s homestead exemption laws. If you are experiencing financial problems or considering filing a bankruptcy case, contact a Wyoming bankruptcy attorney or a Wyoming real estate attorney for more information about current exemption values and other important filing information.
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