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Home > Consumer Laws > Bankruptcy > Oklahoma Bankruptcy

Oklahoma Bankruptcy

Oklahoma Bankruptcy Exemption
Homestead:
160 acre in rural area or 1 acre in urban area at least 75 of the improved land must be used as principle place of residence, if not then exemption is limited up to $ 5000.

Wages:
Earnings from personal services exempted up to last 90 days, 75 % of weekly wage or can go up to 100 % if undue hardship prevails.

Automobile:
One vehicle exempted up to the extent of $ 7,500.

Professional Tools and Books:
Professional tools and implements required for carrying out trade and profession or husbandry works are exempted up to the extent of $ 1,000.

Personal Apparel:
Personal wearing apparel and of debtor or dependents are exempted up to the extent of $ 4,000.

Wedding rings:
Exemption for wedding rings or anniversary rings is up to the extent of $ 3000.

Fire Arm:
One personal gun exempted up to the extent of $ 2,000.

Personal Injury:
Personal Injury, death or worker's compensation exempted up to the extent of $ 50,000.

Total or Absolute Exemptions for:
  • Federal Earned Income Tax Credits.
  • Armed Services Pension Benefits.
  • Crime Victim's Restoration Awards.
  • Group Life Insurance Proceeds.
  • Fraternity Benefit Society Benefits.
  • Life Insurance Benefit if Person Other than Debtor is Beneficiary.
  • Workmen's Compensation Benefits.
  • Unemployment Benefits.
  • Public Assistance Payments.
  • Specific Partnership Property.
  • Firefighter's Pension Benefits.
  • Police, teacher and Public employee's pension and retirement benefits.
  • Judge's retirement benefits.
 
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