Oklahoma Bankruptcy Exemptions

Federal exemptions are not available for the State of Oklahoma. State law describes what assets are available for exemption from the bankruptcy estate. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income. This is a list of some of the available exemption in the state of Oklahoma. You can obtain and more detailed list of exemptions by contacting a qualified Oklahoma bankruptcy attorney in your area. They will be able to list and explain all of the state exemptions.

Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are non-dischargeable debts.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, secured by a loan and payments made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensure protection of the property through bankruptcy.

The best way to determine which exemptions to utilize is to meet with a qualified and proven Oklahoma bankruptcy attorney who can evaluate your individual case and guide you through the process. Contact an attorney today.

Assets

Homestead: Real property or manufactured home to unlimited value; property can not exceed 1 acre in city, village, or town, or 160 acres elsewhere; $5,000 limit if more than 25% of total square foot area used for business purposes; need not occupy homestead to claim homestead exemption, i.e. rent the property

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing and money-purchase plans, SEP and SIMPLE IRAs, and defined-benefit plans. Traditional and Roth IRAs to $1,095,000, ERISA qualified benefits, IRAs, Roth IRAs, Education IRAs, and Keoghs Law enforcement employees, County employees, Firefighters, Judges, Police officers, Public employees, Teachers, Disabled veterans, Tax-exempt benefits Insurance: Life, health, accident and mutual benefit insurance proceeds and cash value, if clause prohibits proceeds from being used to pay beneficiary's creditors, Limited stock insurance benefits, Annuity benefits and cash value, Assessment or mutual benefits, Group life policy or proceeds, Funeral benefits prepaid and placed in trust, Fraternal benefit society benefits

Miscellaneous: Property of business partnership, Alimony and/or child support, Beneficiary's interest in a statutory support trust, Liquor license

Personal property: Clothing to $4,000, Burial plots, Books, portraits and pictures, Federal earned income tax credit, College savings plan interest, One gun, Food and seed for growing to last 1 year, Deposits in an Individual Development Account (IDA), Motor vehicle to $3,000, Prepaid funeral benefits, War bond payroll savings account, Personal injury and wrongful death recoveries to $50,000, Health aids prescribed by a physician, Household and kitchen furniture, livestock for personal or family use: 5 dairy cows (must be able to produce milk for human consumption) and calves under 6 months; 100 chickens; 20 sheep; 10 hogs; 2 horses, bridles and saddles; forage and feed to last 1 year

Public Benefits: Unemployment compensation, Workers' compensation, Crime victims' compensation, Public assistance, Social Security

Tools of Trade: Implements needed to farm homestead, tolls, books and apparatus to $5,000 total

Wages: 75% of wages earned in 90 days before filing bankruptcy; bankruptcy judge may authorize more for low-income debtors

Wildcard: None

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