

The Essential Oklahoma Bankruptcy Information Guide
Oklahoma Bankruptcy Exemptions
BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Oklahoma Bankruptcy Code.All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.
The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.
All law references are to Oklahoma Bankrutcy Code.
| ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
HOMESTEAD |
Real property or manufactured home of unlimited value, but cannot exceed 160 acres if not in a city or town, or 1 acre in a city or town. You may rent the homestead as long as you do not acquire another. May be limited to $5,000 if more than 25% of area of improvements is used for business purposes. |
31-1 |
INSURANCE |
Assessment or mutual benefits |
36-2410 |
Fraternal benefit society benefits |
36-2718.1 |
|
Funeral benefits prepaid & placed in trust |
36-6125 |
|
Group life insurance policy or proceeds if you are not the insured. |
36-3632 |
|
Limited stock insurance benefits |
36-2510 |
|
Life insurance policy or proceeds if the policy does not prohibit it being paid to creditors. |
36-3631 |
|
MISCELLANEOUS |
Alimony, child support |
31-1(A) (19) |
Property of business partnership |
54-225 |
|
Liquor license. |
37-532 |
|
Beneficiary's interest in a statutory support trust. |
6-3010 |
|
PENSIONS |
County employees |
19-959 |
Disabled veterans |
31-7 |
|
ERISA-qualified benefits |
31-1(A) (20) |
|
Firefighters |
11-49-126 |
|
Law enforcement employees |
47-2-303.3 |
|
Police officers |
11-50-124 |
|
Public employees |
74-923 |
|
Tax exempt benefits |
60-328 |
|
Teachers |
70-17-109 |
|
Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person. |
11 U.S.C. § 522 |
|
Judges |
20-1111 |
|
PERSONAL PROPERTY |
Books, portraits, pictures & gun |
31-1(A) (7), (14) |
2 bridles & 2 saddles |
31-1(A) (12) |
|
Burial plots |
31-1(A) (4), 8-7 |
|
100 chickens, 20 sheep, 10 hogs, 5 cows and calves under 1 year, 2 horses and forage for livestock to last 1 year |
31-1 |
|
Clothing to $4000 |
31-1(A) (8) |
|
Furniture, health aids, food to last 1 year |
31-1(A) (3), (9), (17) |
|
Motor vehicle to $3000 |
31-1(A) (13) |
|
Claim for personal bodily injury, death or workers' compensation claim, for a net amount not in excess of $50,000.00, |
31-1 |
|
College savings plan interest; Deposits made into an Individual Development Account; Federal earned income tax credit; 1 gun |
31-1 |
|
Prepaid funeral benefits. |
36-6125 |
|
War bond payroll savings accounts. |
51-42 |
|
PUBLIC BENEFITS |
Crime victims’ compensation |
21-142.13 |
Public assistance and social Security |
56-173 |
|
Unemployment compensation |
40-2-203 |
|
Worker’s compensation (see personal property) |
85-48 |
|
TOOLS OF TRADE |
Husbandry implements to farm homestead, tools, books & apparatus to $5000 total |
31-1(A) (5), (6), 31-1(C) |
WAGES |
75% of wages earned in 90 days before filing bankruptcy; bankruptcy judge may allow more if you show hardship |
12-1171.1, |

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