Tulsa Lawyer Provides Oklahoma Bankruptcy Information

Some Oklahoma Bankruptcy Information and What is Protected in Bankruptcy

One of the features of filing for bankruptcy in Oklahoma is to protect your assets, i.e., 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 are experiencing difficulty in paying your bills every month, and need more Oklahoma bankruptcy information you should consult an experienced Oklahoma bankruptcy attorney from South Tulsa Bankruptcy Law Office.

The first and most important asset that is exempt from creditors in Oklahoma when you file for bankruptcy is your home. The Homestead Exemption makes real property or manufactured home of unlimited value protected from creditors provided 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 up to an equity of $7500, however your motor vehicle will not be protected if you have pledged it as security when you took out your auto loan. It is important to have an attorney analyze the terms of your car loan to see where you stand because even if you did pledge your car as security, there still may be other options to save it.

As far as keeping your income goes, Oklahoma Wage Garnishment Laws allow you to keep 75% of the wages that you have earned in the 90 days previous to filing for bankruptcy. This amount could be increased by a judge if you can clearly show that you have suffered a hardship.

But the most important benefit of all to you in filing for bankruptcy will be the sense of once again being in control of your finances and being able to immediately start to move forward in pursuit of 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 will once again be free from creditor’s 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.

Tulsa Lawyer Provides Oklahoma Bankruptcy Information

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