Assets Protected in Bankruptcy

In Oklahoma the assets protected in bankruptcy are called exemptions.  When you file bankruptcy the court requires you to list every piece of personal or real property that you own. From your list the trustee determines what if anything you should liquidate to pay your creditors. However, under Oklahoma law there are several exemptions which protect many of your assets. In fact our state has some of the most generous exemptions in the country. This is why compared to the rest of the United States Oklahoma is one of the best states for consumers filing bankruptcy. As a general rule the following assets are fully protected from liquidation in bankruptcy allowing you to keep them without fear of losing them when you file and get rid of most of your debt.

• The primary residence including home or manufacture home,
• Household and kitchen furniture
• Cemetery lots
• Implements of husbandry (farming and trade tools)
• Books, portraits and pictures
• Wearing apparel
• Wedding and anniversary rings
• Professionally prescribed health aids
• Milk cows
• Chickens
• Horses
• Motor vehicle
• Guns
• Hogs
• Sheep
• Forage on hand
• Current Wages
• Alimony, support, separate maintenance, or child support payments
• Qualified retirement plans
• Interest in claims for personal bodily injury, death or workers’ compensation
• Earned Income Tax credit
• Individual development account
• Oklahoma College Savings Plan

Exemptions Protect Assets in Bankruptcy:

When you file bankruptcy in Oklahoma there is a place in the forms that allow you to use certain exemptions protecting your assets. Oklahoma exemptions are broad and allow you to protect many of your assets. Each asset has its own statutory basis for its exemption so worrying about loosing your house or car is taken care of. You don’t have to go it alone when dealing with overwhelming debt. Don’t stand by and let your creditors garnish your wages or file judgments against you. We can help you get a fresh start.