Oklahoma Bankruptcy Exemptions

Oklahoma Assets Exempt from Bankruptcy

Protecting certain assets i.e., keeping them from creditors is a feature of filing a Chapter 7 bankruptcy in Oklahoma. You should know which assets you can keep and under what circumstances you can keep them. The following is a review and a general outline that lists “exempt assets”… assets that you can keep from your creditors.

Oklahoma Bankruptcy Exemptions are divided into classes and amounts and the amount is based on the concept of “equity”. For example, if you have a car that you could sell for $2000 and you have a $1500 loan on the car, your equity is $500. Equity is the amount left over after you would have sold the asset and paid back the loan. Most exempt assets in bankruptcy are quoted in terms of equity.

Oklahoma Bankruptcy Exemptions For Your Home – The first and usually largest exemption in an Oklahoma bankruptcy is the Homestead exemption. No matter where you live in Oklahoma, if your home is your primary residence, the exemption for the equity you have in your home is unlimited. In addition, you can exempt the value of your acreage up to 160 acres. If however, you live in a city, town or village your acreage exemption is limited to $5000.

Oklahoma Bankruptcy Exemptions For Your Motor Vehicle- You can exempt up to $7,500 in equity in a motor vehicle.

Oklahoma Bankruptcy Exemptions For Your Income – You can exempt up to 75% of your wages based on the average wage you earned for the past 90 from creditors. You may be able to exempt more if you can prove that your income is so low that garnishing up to 25% would present an economic hardship for you.

Exemption For Your Retirement Account – You can exempt the full value of your qualified (pre-tax) retirement plan.

Exemption for Personal Property – Personal property are things like clothing $4000, furniture and electronics, and one year’s supply of food.

Double The Exemption if Assets are Owned Jointly – For married couples, if your assets are in joint name you can double the exemption amount.

As long as credit card companies insist on charging double-digit interest rates, no one should be ashamed of filing for bankruptcy. Oklahoma law makers know this and our state has some of the most advantageous terms in the nation for individual who simply cannot withstand the burdens of crushing credit card debt. If you are contemplating wiping the slate clean, or are merely concerned that you cannot pay your bills on time every month, please give us a call for a free consultation. Filing for Chapter 7 bankruptcy often makes good economic sense and we can advise and assist you every step of the way from the initial filing to taking positive measures to restoring or maybe even eventually improving your credit rating. Please call us today.

Free Consultation: Contact us about Oklahoma Bankruptcy Exemptions;

If you are considering bankruptcy we can help. The bankruptcy attorneys at South Tulsa Bankruptcy can take you through the process of deciding what is and what is not an exempt asset. Call today for your free consultation.

Oklahoma Bankruptcy Exemptions

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