The homestead exemption is an important one if you own a home at the time you file bankruptcy. The homestead exemption protects equity that you have in your home up to a certain amount. It’s 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’s no limit on how much of of your homestead is 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.
Other Bankruptcy Exemptions:
Its good to live in Oklahoma. This is especially true if you live in Oklahoma at the time you file bankruptcy. Along with the homestead exemption Oklahoma has some of the best exemption in the country. Oklahoma exemptions protect more than just your house in bankruptcy. Most of your personal property including your car and any retirement accounts are also protected. This means that when you file there isn’t a risk of losing many of your assets.
Oklahoma Bankruptcy Attorneys Helping You:
Filing bankruptcy doesn’t have to be so scary. The truth of the matter is that filing will give you back your financial life. You don’t have to live with the constant fear of wage garnishments and judgments. You can file bankruptcy and still protect your assets. Both chapter 7 and chapter 13 bankruptcy can help. The homestead exemption protects you and your home. We can explain the process and make sure you’re successful by filing a bankruptcy for you.