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Oklahoma Bankruptcy Exemptions
The Oklahoma bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Oklahoma. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments, the equity is covered by your exemptions, and you elect to keep making payments on the loan you generally can keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the assets. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Oklahoma you may also use certain federal exemptions in addition to your Oklahoma exemptions. |
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ASSET
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EXEMPTION DESCRIPTION
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LAW SECTION
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Homestead
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Real property or manufactured home to unlimited value; property
cannot ¼ acre, may claim $5000 on 1 acre in city, town or village, or
160 acres elsewhere (need not occupy homestead to claim it exempt as
long as you don’t acquire another)
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31-1(A) (1), 31-1(A) (2), 31-2
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Insurance
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Assessment or mutual benefits
Fraternal benefit society benefits
Funeral benefits prepaid & placed in trust
Group life policy or proceeds
Limited stock insurance benefits
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36-2410
2718.1
36-6125
36-3632
36-2510
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Miscellaneous
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Alimony, child support
Property of business partnership
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31-1(A) (19)
54-225
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Pensions
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County employees
Disabled veterans
ERISA-qualified benefits
Firefighters
Law enforcement employees
Police officers
Public employees
Tax exempt benefits
Teachers
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19-959
31-7
31-1(A) (20)
11-49-126
47-2-303.3
11-50-124
74-923
60-328
70-17-109
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Personal Property
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Books, portraits, pictures & gun
2 bridles & 2 saddles
Burial plots
100 chickens, 10 hogs, 5 cows & calves under 6 months, 20 sheep;
forage for livestock to last 1 year (cows must be able to produce milk
for human consumption)
Clothing to $4000
Furniture, health aids, food to last 1 year
Motor vehicle to $3000
Claim for personal bodily injury, death or workers' compensation claim,
for a net amount not in excess of $50,000.00,
but not including any claim for exemplary or punitive damages
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31-1(A) (7), (14)
31-1(A) (12)
31-1(A) (4), 8-7
31-1 (A) (10), (11), (15), (16)
31-1(A) (8)
31-1(A) (3), (9), (17)
31-1(A) (13)
31-1(A) (21); In re Luckinbill, 163 B.R. 856 (W.D. Okla. 1994)
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Public Benefits
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Crime victims’ compensation
Social security
Unemployment compensation
Worker’s compensation (see personal property)
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21-142.13
56-173
40-2-203
85-48
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Tools of Trade
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Husbandry implements to farm homestead, tools, books & apparatus
to $5000 total
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31-1(A) (5), (6), 31-1( C)
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Wages
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75% of wages earned in 90 days before filing bankruptcy; bankruptcy
judge may allow more if you show hardship
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12-1171.1,
31-1(A) (18)
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Wild Card
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None
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For more information on filing bankruptcy in Oklahoma explore Oklahoma Bankruptcy Law.
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