Many of Oklahoma’s most common bankruptcy exemptions are listed below. Under Oklahoma law, only the state’s exemption system may be used when filing bankruptcy. Exemption amounts may be higher for married couples.

• Homestead (equity in dwelling used as residence)
– Unlimited equity in home of up to one acre in cities, towns and villages or 160 acres in rural areas
– Limited if more than 25% of property is used for business purposes
• Equity in automobile
– $7,500 in one motor vehicle
• Personal property
– Up to $4,000 in clothing
– Up to $3,000 in wedding and anniversary rings
– Books, portraits, and pictures
– Household and kitchen furniture held primarily for personal, family, educational and household use including a personal computer  
– Up to $2,000 in household guns
– Prepaid funeral benefits, burial plots
– Professionally prescribed health aids
– Farm animals, including up to ten hogs, twenty sheep, five cows and their infant calves, one hundred chickens, two horses with bridles and saddles; enough provisions and forage for one year 
• Tools of the Trade
– Up to $10,000 in tools, apparatus, and books
– Implements to farm on the homestead
• Wages
– 75% of wages earned within 90 days of bankruptcy
Earned income tax credits
• Insurance
– Group life insurance policy or proceeds
– Insurance benefits that specifically cannot be paid to creditors
– Fraternal benefit society benefits
– Annuity value and benefits
– Prepaid funeral benefits
• Pensions
– Tax exempt retirement accounts
– ERISA benefits
– Public and county employee pensions
– Law enforcement, teacher, firefighter, and judicial pensions
– Disabled veteran pensions
• Public benefits
– Unemployment compensation
Workers’ compensation
– Public assistance
– Crime victims’ compensation
– Social security
– Veterans’ benefits
• Alimony and child support
– Both alimony and child support
• Other
– Interest in a statutory support trust
– Liquor license
– Business partnership property

Do I Need a Bankruptcy Lawyer?

If you are filing for bankruptcy in Oklahoma, it is important to make sure that it is filed correctly and in compliance with state laws. A bankruptcy attorney can help you make sure that you claim all of the appropriate exemptions, and help you protect your property by avoiding filing mistakes.