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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.

Oklahoma Bankruptcy Exemptions

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,
31-1(A) (18)