The Homestead Exemption in Oklahoma Chapter 7 Bankruptcy 

What is the Homestead Exemption and how does it work?
The homestead exemption is an important one to check if you own or are paying a mortgage on a home. The homestead exemption protects equity that you have in your home up to a certain amount. It is important to differentiate equity and the amount that you still owe on your home. Homestead exemptions vary from state to state. In Oklahoma, as of this writing, there is no limit on how much of the value of your homestead can be exempt. If you have domiciled in the state for more than two (2) years, the homestead exemption is available to you. However, if you purchased the home in the 1,215 days prior to filing, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 caps the amount of the value of your home that can be exempt at $136,875 as of the date of this writing. There are also other circumstances that could limit your access to the full benefit of the homestead exemption such as felony convictions, securities fraud convictions, or certain other types of criminal convictions. Have your attorney check to see what the current cap is, if any, and what other limits might be placed on your access to the homestead exemption.