Oklahoma Exemptions

Many people are afraid that they will lose their house or car or other personal belongings if they file bankruptcy. The truth is that Oklahoma has a very liberal list of exempt property primarily found in Title 31 of the Oklahoma Statutes. Our bankruptcy clients are ofton happy to learn that they can keep their car or their house or their trade tools among other things after meeting with our Tulsa Oklahoma bankruptcy lawyers. A brief excerpt of this statute is shown in the following table. For more specific questions about what property you are allowed to keep, and what limitations may apply, contact us at Robinson Law PC and we will be happy to advise you.

Oklahoma Bankruptcy Exemptions

Real property or manufactured home to unlimited value; property cannot exceed 1/4 acre. If property exceeds 1/4 acre, may claim $10,000 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)$10,000
Household and kitchen furniture held primarily for the personal, family or household use
Wedding and anniversary rings$3,000
Implements of husbandry necessary to farm the homestead$10,000
Books, portraits and pictures that are held primarily for the personal, family or household use
Wearing apparel$4,000
Motor vehicle$7,500
Professionally prescribed health aids
5 milk cows and their calves under 6 months old; 100 chickens; 2 horses and 2 bridles and 2 saddles 10 hogs, 20 head of sheep; all provisions and forage on hand, or growing for home consumption, and for the use of exempt stock for one (1) year
Tools of trade$5,000