The Oklahoma bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Oklahoma. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Oklahoma you may also use certain federal exemptions in addition to your Oklahoma exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real property or manufactured home to unlimited value; property cannot ¼ acre, may claim $5000 on 1 acre in city, town or village, or 160 acres elsewhere (need not occupy homestead to claim it exempt as long as you don’t acquire another) |
31-1(A) (1), 31-1(A) (2), 31-2 |
Insurance | Assessment or mutual benefits Fraternal benefit society benefits Funeral benefits prepaid & placed in trust Group life policy or proceeds Limited stock insurance benefits | 36-2410 2718.1 36-6125 36-3632 36-2510 |
Miscellaneous | Alimony, child support Property of business partnership | 31-1(A) (19) 54-225 |
Pensions | County employees Disabled veterans ERISA-qualified benefits Firefighters Law enforcement employees Police officers Public employees Tax exempt benefits Teachers | 19-959 31-7 31-1(A) (20) 11-49-126 47-2-303.3 11-50-124 74-923 60-328 70-17-109 |
Personal Property | Books, portraits, pictures & gun 2 bridles & 2 saddles Burial plots 100 chickens, 10 hogs, 5 cows & calves under 6 months, 20 sheep; forage for livestock to last 1 year (cows must be able to produce milk for human consumption) Clothing to $4000 Furniture, health aids, food to last 1 year Motor vehicle to $3000 Claim for personal bodily injury, death or workers' compensation claim, for a net amount not in excess of $50,000.00, but not including any claim for exemplary or punitive damages | 31-1(A) (7), (14) 31-1(A) (12) 31-1(A) (4), 8-7
31-1 (A) (10), (11), (15), (16) 31-1(A) (8) 31-1(A) (3), (9), (17) 31-1(A) (13) 31-1(A) (21); In re Luckinbill, 163 B.R. 856 (W.D. Okla. 1994) |
Public Benefits | Crime victims’ compensation Social security Unemployment compensation Worker’s compensation (see personal property) | 21-142.13 56-173 40-2-203 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) |
Wild Card | None |
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For more information on filing bankruptcy in Oklahoma explore Oklahoma Bankruptcy Law.
