Many people are afraid that they will lose their house or car if they file bankruptcy. Oklahoma has a liberal list of exempt property found in Title 31 Section 1 of the Oklahoma Statutes. Our clients are happy to learn that they can keep their car, house, trade tools etc. after meeting with our Tulsa Oklahoma bankruptcy lawyers.
It is very important to list your belongings in the Petition and claim them as Exempt. Guns, Horses, Cows, Furniture, Clothes, Wedding Rings, Electronics, Tools and Retirement Accounts if listed and claimed properly will be exempt and you can keep them!
Brief List of Oklahoma Bankruptcy Exemptions
- Your Principal Residence Located on One Acre Inside the City Limits or Up to 160 Acres Outside City Limits.
- All Household Furniture and Computers held for personal use.
- Cemetary Lots.
- Farming Tools, Business Apparatus, Books and Tools used in any Trade or Profession under $10,000 Aggregate Value Per Debtor.
- All Books, Portraits and Pictures held for Personal Use.
- $4000 Aggregate Value in Clothes Per Debtor.
- $3000 Aggregate Value in Wedding Rings and Jewelry Per Debtor.
- All Medical Equipment.
- Five Milk Cows and Calfs Under 6 Months Held for Personal Use Per Debtor.
- One Hundred Chickens Per Debtor Held for Personal Use.
- Two Horses and Two Bridles and Two Saddles Per Debtor Held for Personal Use.
- Each Debtor’s Equity Free and Clear Interest Up to $7500.00 in a Car.
- Each Debtors Guns under $2000 Aggregate Value Held for Personal Use.
- Ten Hogs for Personal Use of Each Debtor.
- Twenty Sheep of Each Debtor Held for Personal Use.
- All Provisions and Forage on Hand Used for Exempt STock for One Year.
- Seventy Five Percent of all Current Wages or Earnings “earned” in the Last Ninety Days.
- Each Debtor’s Right to Receive Alimony, Support, Separate Maintenance or Child Support.
- Subject to the Uniform Fraudulent Transfer Act, Section 112 of Title 24, any interest in a retirement account or arrangement qualified for tax exemption or deferment purposes under present or future Acts of Congress, provided, any transfer or rolloever contribution between retirement plans or arrangements which avoids current federal Income taxation shall not be deemed a transfer which is fraudulent as to a creditor under the Uniform Fraudulent Transfer Act. This shall include without limitation trusts, custodial accounts, insurance, annuity contracts and other properties and right constituting a part thereof. By way of example retirement plans qualified for tax exemption purposes or for deferment purposes permitted under present Acts of Congress include defined contribution plans and defined benefit plans as defined under the Internal Revenue Code, individual retirement accounts, individual retrement annuities, simplified emplyee pension plans, Keogh plans, IRC 403(a) annuity plans, IRC 403 (b) annuities, roth individual retirement accounts pursuant to 408A, educational individual retirement accounts created pursuant to IRC 530 and eligible state deferred compensation plans under IRC 457. This provision shall be in addition to and not a limitation of any other species of forced sale for the payment of debts. This provision shall be effective for retirement plans in existence or created after April 16, 1987.
- Such person’s interest in a claim for personal bodily injury, death or workers compensation claim but not including and exemplary or punitive damages in a net amount under $50,000.
- Funds in an individual development account under Section 251 of Title 56.
- Any amount received puruant to the Federal Earned Income Tax Credit
- Any Interest in an Oklahoma College Savings Plan Account established pursuant to the provisions of Section 3970.1 of OS Title 70.
CALL ROBINSON LAW OFFICES PC AT 918-960-0091
FOR A FREE CONSULTATION ABOUT WHAT PROPERTY IS EXEMPT!