Oklahoma Bankruptcy Exemptions
The chart below contains a summary of Oklahoma state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Oklahoma bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Oklahoma Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Oklahoma Homestead||Real property or manufactured home to unlimited value (property cannot exceed 1 acre in city, town, or village, or 160 acres elsewhere). Note: If more than 25% of total square foot area is used for business purposes, $5,000 limit.||31-1(A)(1); 31-1(A)(2); 31-2|
|Wages||75% of wages earned in 90 days before filing bankruptcy. Bankruptcy judge may authorize more for hardship.||12-1171.1; 31-1(A)(18); 31-1.1|
|Automobile||Up to $7,500||31-1(A)(13)|
|Other property||Group life policy or proceeds||36-3632|
|Alimony and child support||31-1(A)(19)|
|Household and kitchen furniture; personal computer and related equipment||31-1(A)(3)|
|Clothing to $4,000||31-1(A)(7)|
|Implements needed to farm homestead; tools, books, and apparatus used in any trade or profession to $10,000 total||31-1(A)(5)|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Oklahoma bankruptcy court statutes.