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.

ASSETEXEMPTIONLAW
Oklahoma HomesteadReal 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
Wages75% 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
AutomobileUp to $7,50031-1(A)(13)
Other propertyGroup life policy or proceeds36-3632
Alimony and child support31-1(A)(19)
Household and kitchen furniture; personal computer and related equipment31-1(A)(3)
Clothing to $4,00031-1(A)(7)
Burial plots31-1(A)(4)
Implements needed to farm homestead; tools, books, and apparatus used in any trade or profession to $10,000 total31-1(A)(5)
WildcardNone

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.

Back to all State Bankruptcy Exemptions
Go to Complete State of Oklahoma bankruptcy exemptions laws.

Oklahoma Bankruptcy Court links :

*The use of partners trademarks are not intended to imply endorsement of these products.

 

 

Ready to Start? Call us at 1(888)214-7773