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How to Get Debt Relief in Wyoming

Dena Standley | June 03, 2024

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If you're struggling with debt in Wyoming, SoloSuit can help you find the relief you need.

Rising inflation, the loss of jobs, and the high cost of living have forced more Wyoming residents into crippling debt. Along with consumers in other states, many wonder if they can find relief.

It is possible to be debt-free. Of course, there is no quick-fix way to melt away debt, but good planning and a willingness to sacrifice when necessary can work wonders. Let's see how you can get debt relief and then look at ways to get assistance in Wyoming.

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Wyoming debt collection laws can protect you

Along with the Federal Debt Collection Practices Act (FDCPA), which protects consumers from abusive debt collection tactics, Wyoming has state laws in place to keep you safe from unfair practices.

For example, some of your debts may already be time-barred. A creditor can not sue you for debts past the statute of limitations.

Wyoming has different statutes of limitations depending on the type of debt. From the first missed payment, time starts to click. If the creditor does not sue you within that time, they can't take legal action against you later. While the creditor can still come after you asking for payment, they can't sue you.

When you make a payment on a debt, it restarts the clock on the statute of limitations. So, before you hand over any money to a debt collector, make sure to check the statute of limitations on different types of debt in Wyoming:

Statute of Limitations on Debt in Wyoming
Debt Type Deadline
Credit Card 10 years
Medical 10 years
Auto Loan 10 years
Student Loan 10 years
Mortgage 10 years
Oral Contract 10 years
Oral Contract 8 years
Judgment 5 years
Source: Wyo. Stat. § 1-3-105

If you are not sure if a debt is past the statute of limitations, consider this example.

Becky opened a credit card account in May 2010. She made timely monthly payments for three years until she lost her job. She has not made any payment since. It's now May 2022. The statute of limitations on credit card debt is eight years in Wyoming. Because Becky hasn't made a single payment since April 2013, the credit card company can't sue her. It's been over nine years. Technically, she still owes the money, but she can rest easy with no lawsuit threat because it's too late.

In Becky's case, she needs to leave the account as-is. She cannot make any payments or promise to do so. If she does, that may restart the clock. That is true in your case. Never make payments on expired credit accounts.

Debt settlement can be a great option

In some cases, a significant amount of the money you owe is interest and late fees. So, you have room to negotiate. If you can make your case that you cannot pay the total amount, your creditor may let you settle for less. If you are good at it, you could reach a settlement as low as 1%-70% of the original debt amount.

Remember that lenders are in the business of making money. If they see the risk you may never pay, they will willingly accept the settlement.

Before rushing to settle, you need to know the following:

  • A settled account goes to your credit report and may affect your access to credit in the future. In other words, when a creditor agrees to settle, they report to the credit bureaus that you could not pay as per your contract. A settlement scares away prospective lenders who fear that you're not a responsible borrower.
  • Settlement may result in unexpected tax obligations. If a creditor forgives you a significant debt, the responsibility to pay tax on that amount is transferred to you.

Settling accounts for less is a great way to reduce your debts. If you feel it can work for you, you can approach your creditors to negotiate. Some lenders prefer a one-time lump-sum settlement to reduce the risk of future defaults. Watch this video to learn how debt settlement may impact your credit score.

Seek help from nonprofit credit counseling organizations

Wyoming has several approved credit counselors you can turn to when you need help. Nonprofit debt relief agencies are best, as some creditors refuse to work with for-profit companies.

When you sign up for credit counseling, they can help you formulate debt management plans and get credit card debt forgiveness.

Here's how these options work.

Debt management plans can help

Credit counseling agencies help you better manage your accounts. They create a workable repayment plan based on how much you owe and your income.

Generally, these companies promise to get you out of debt within 3-5 years. Before signing up, you should know some facts about debt counseling.

  • You should be ready to survive on a tight budget. If you slip, it could take longer to pay off your debts. You cannot use credit or open new credit lines until you complete the program.
  • Instead of making direct payments to creditors, you will make a single monthly payment to the agency. The agency then decides how to distribute the money among the lenders.
  • Generally, you don't require a good credit score to qualify for credit counseling.

Working with a debt management plan may require you to make sacrifices and changes, but it is often worth the work because it reduces stress and teaches financial discipline.

Credit card debt forgiveness is a great option too

Debt forgiveness is sometimes a part of a debt relief plan. A credit counselor is often the best choice to handle the negotiations for debt forgiveness. They often have established relationships with credit card companies and can usually help reduce your debt by as much as half—sometimes even more.

Select credit counseling organizations have a long-standing agreement with lenders to assist needy consumers. Your counselor will tell you if you qualify, and you can start reducing the debt with your next payment.

Consider debt consolidation

Debt consolidation is bringing several accounts into one large account. You borrow enough money from one account to pay off multiple debts. Ideas for consolidation loans are:

  • Low-interest personal loans
  • Credit card transfers
  • 401(k) loans

It is a good idea if you haven't sunk too deep into debt. You need a good credit score to get a low-interest loan or a credit card with competitive introductory offers.

Debt consolidation is not a good idea if you are caught up in a cycle of paying for debt with debt. So it is unwise to keep piling credit on the paid accounts before you clear the consolidation loan. It also makes no sense to consolidate into a higher interest loan that gives you a false sense of accomplishment.

Explore these Wyoming debt relief programs

As you fight to overcome debt, you can receive basic assistance. Check out these Wyoming debt relief programs to see if you qualify:

In the process of seeking debt relief, if any of your accounts end up in collections and go to court, don't despair. SoloSuit can help you prepare and file an Answer promptly.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

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>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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