Oklahoma Bankruptcy Information and Protected Assets help you decide which kind of bankruptcy to file. One of the functions of filing for bankruptcy is to protect your assets. This includes your income, your home and your property, from creditors to whom you owe money. Oklahoma bankruptcy law allows certain assets to be exempt from seizure up to certain amounts. Below is a brief description of the bankruptcy exemptions that effect almost everyone. If you’re experiencing difficulty paying your bills and need more bankruptcy information you should consult an experienced bankruptcy attorney from South Tulsa Bankruptcy Law Office.

Don’t Worry Your House is Safe:

The most important asset that is exempt from creditors in Oklahoma when you file is your home. The Homestead Exemption makes your home free from creditor claims. The protected value of your home is unlimited. Some restriction are that the property does not exceed 1 acre in a city, town, or village, or 160 acres elsewhere.

Secondly, under the Oklahoma Personal Property Exemption, you can keep your motor vehicle. Its value can’t exceed $7500 though. However, your motor vehicle isn’t protected if pledged as a security at the outset of your auto loan. It’s important to have an attorney analyze the terms of your car loan. The attorney will tell you where you stand and make suggestions based on the contract.

As far as keeping your income, Oklahoma Wage Garnishment Laws allow you to keep 75% of the wages that you have earned in the 90 days previous to filing. If you clearly show hardship though, a judge may increase this amount.

Get A Fresh Start:

The most important benefit of all in filing bankruptcy is the sense of once again being in control of your finances. Once you’ve filed you can immediately start moving forward pursuing your financial goals. As an experienced Oklahoma bankruptcy attorney, I can put your mind at ease that you will be able to keep most of your income, transportation, and assets. You’ll once again be free from creditor calls, wage garnishment, foreclosure and repossessions.

For a free consultation and additional Oklahoma bankruptcy information call us today. You can stop garnishments, creditor calls and the constant pressure you fell by not being able to pay you bills.