Legal Question in Credit and Debt Law in Wyoming

Re: Law regarding collection agencies

The answer to the question is, it depends. Several additional facts are necessary. First, are you the sole owner of your home or do you co-own it with a spouse? If you co-own it with a spouse, how is title held, as co-tenants or as tenants by the entirety? If tenants by the entirety, is the debt your debt alone or is your spouse also liable on the debt?

Second, how much equity do you have in the home? If it is in your name alone, is your equity greater than $10,000.00? If it is co-owned with a spouse as tenants by the entirety, and the debt is a joint debt, is the equity in the home greater than $20,000?

Third, is there an existing mortgage on the home? If so, how much? (A creditor's judgment lien would probably be junior to the mortgage holder's interest. If there is a lot of money left to repay, it may not be worth the creditor's effort to try foreclosing. They may simply place a judgment lien on the home. If this happens, you may not be able to transfer merchantable title until the lienholder is paid and the judgment lien released.

Although your question seems simple enough, it is quite a bit more complex than it seems. You have not provided enough information for me to provide you a really meaningful answer. However, I suggest you seek the services of a debtor's protection attorney to help you with this. Paul Hunter in Cheyenne, WY would be a good choice.