Oklahoma Bankruptcy exemptions protect your stuff from those you owe money to. When you file a chapter 7 or chapter 13 bankruptcy, it’s important to understand which property the bankruptcy court considers exempt. If an asset is exempt its yours to keep. If an asset isn’t exempt the Bankruptcy trustee can take it. In the event the Trustee takes the asset he sells it and pays creditors. Oklahoma exemptions are the most liberal and friendly towards creditors in the country.Oklahoma exemptions are found below.
Homestead Bankruptcy Exemptions:
In an Oklahoma Bankruptcy your real property or manufactured home is exempt up to an unlimited dollar value. The property cannot exceed more than 1 acre if it is in town or up to 160 acres if it a rural property. If more than 25% of your real property is used for business, the Homestead Bankruptcy exemption is limited to $5,000.
The dollar amount of your exemption is calculated by taking the value of the property less the amount you owe on the property. For example, if your home is appraised at $150,000 and you have a mortgage with a balance of $140,000 your equity and exemption is $10,000.If you continue to make your mortgage payments you may keep your home.
Motor Vehicle Bankruptcy Exemptions
Each debtor is allowed to keep a motor vehicle as an exempt item up to a value of $7,500. For example, if your car is valued at $15,000 and you owe $10,000 your equity in the car is $5,000 making your motor vehicle fully exempt. If your equity in the vehicle is greater than $7,500 the trustee may elect to liquidate the vehicle. If he/she does this, any lien holder would have to be paid in full and you would be entitled to the dollar amount of your exemption, $7,500.
In almost all cases, if you continue to make any payments on your car, you may keep your car.
IRAs, 401ks and other Retirement Plans:
Most qualified retirement plans are fully exempt and you can keep them. It’s important to fully disclose all assets so they’ll be listed in your schedules.
Interests in Personal Injury Law Suits:
If you have any money owed to you from a Workers Compensation or personal injury lawsuit it will typically be exempt up to $50,000. You should make sure that you discuss these claims with your bankruptcy attorney so that it can be properly listed on your schedule of assets.
Household Goods and Furnishings:
You are allowed to keep all household goods and furnishings used for the personal use of you and your family. This includes personal computers, televisions, and other personal property found in your home are all considered as Oklahoma bankruptcy exemptions.
Other Oklahoma Bankruptcy Exemptions
Wedding Rings and Other Jewelry:
Tools of the Trade:
Certain Implements of Farming:
Contact a Tulsa Bankruptcy Attorney:
If you want a free consultation with a local bankruptcy attorney email me a question or call 918-739-8984 right now. We are affordable and local Bankruptcy attorneys. We’re not part of a referral web site. Trust us to never sell your information to mailing lists or groups of lawyers who pay for leads. Our attorneys are right here in South Tulsa and ready to talk with you today..