Oklahoma Chapter 7 Bankruptcy 
Exemptions 

What is the Schedule C? What are Exemptions?
An exemption is a legal protection of certain property from being seized and distributed to your creditors. Exemptions are used in other areas of the law as well as bankruptcy. There are state exemptions and there are federal exemptions. Depending on the state in which you file, you may or may not be able to use either federal or state exemptions. Most states, however do not allow you to choose and the states that do allow you to choose most likely will require that either all state or all federal exemptions but not a combination of the two. Your attorney can tell you which exemptions apply and if there choosing between state and federal exemptions is an option in your state. In states where you have a choice, sometimes state and sometimes federal exemptions will protect you better. Your attorney can help you choose. An example of how exemptions work in Oklahoma is that the debtor's interest in one motor vehicle is exempt up to $7,500 in value, as of the date of this writing.