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Oklahoma State Bankruptcy Exemptions |
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Oklahoma State Bankruptcy Exemptions |
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Federal
Bankruptcy Exemptions are not available. All law references are to Oklahoma Statutes Annotated. |
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| ASSET | EXEMPTION | LAW PROVISION |
| 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 36-2720 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 Personal injury, wrongful death & workers’ compensation recoveries to $50,000 total; cannot include 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 | |
Thursday January 12, 2006