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Oklahoma Exemptions

   

Federal supplemental exemptions can be used in conjunction with your Oklahoma exemptions and can be viewed here.

To find out how the exemptions apply in your specific situation you can schedule a free consultation with a local bankruptcy attorney.

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

 

More Information on Oklahoma Bankruptcy Law

If you have a specific question about exemptions related to your situation you can schedule a free consultation with a local bankruptcy attorney.

You may also want to visit your federal bankruptcy
court web site:

 


     

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