Tulsa Oklahoma Bankruptcy Exemptions help you safeguard your property in Bankruptcy. Protecting certain assets i.e., keeping them from creditors is a feature of filing a Chapter 7 bankruptcy in Oklahoma. You should know which assets you can keep and under what circumstances you can keep them. The following is a review and a general outline that lists “exempt assets”… assets that you can keep from your creditors.
Bankruptcy Exemptions divide into classes and amounts based on the concept of “equity”. For example, if you have a car that you could sell for $2000 and you have a $1500 loan on the car, your equity is $500. Equity equals the amount left over after selling the asset and repaying the loan. Bankruptcy quotes most exempt assets in terms of equity.
Your House Is Exempt:
Tulsa Oklahoma Bankruptcy Exemptions For Your Home – The first and usually largest exemption in an Oklahoma bankruptcy is the Homestead exemption. No matter where you live in Oklahoma, if your home is your primary residence, the exemption for the equity you have in your home is unlimited. In addition, you can exempt the value of your acreage up to 160 acres. If however, you live in a city, town or village your acreage exemption is limited to $5000.
Other Exempt Assets:
Bankruptcy Exemptions For Your Motor Vehicle- You can exempt up to $7,500 in equity in a motor vehicle.
Oklahoma Bankruptcy Income Exemptions – You can exempt 75% of wages based on average wages over the past 90 days. For example, if garnishing up to 25% would present a provable economic hardship for you, exemption may be possible.
Exemption For Your Retirement Account – You can exempt the full value of your qualified (pre-tax) retirement plan.
Exemption for Personal Property – Personal property include clothing $4000, furniture and electronics, and one year’s supply of food.
Jointly Owned Assets double the Exemption – For married couples, the exemption amount for jointly owned assets can double.
As long as credit card companies charge double-digit interest rates, no one should feel shame in filing for bankruptcy. Oklahoma law makers know this, so Oklahoma has some of the most advantageous terms in the nation for individuals who simply cannot withstand the burdens of crushing credit card debt. If you are contemplating wiping the slate clean, or are merely concerned that you cannot pay your bills on time every month, please give us a call for a free consultation. Filing for Chapter 7 bankruptcy often makes good economic sense and we can advise and assist you in each step from the initial filing to taking positive measures to restoring or maybe even eventually improving your credit rating. Please call us today.
Free Consultation: Contact us about Tulsa Oklahoma Bankruptcy Exemptions;
If you are considering bankruptcy we can help. The bankruptcy attorneys at South Tulsa Bankruptcy can take you through the process of understanding exempt assets. Call today for your free consultation.