Oklahoma has some of the most generous bankruptcy exemptions in the country. Our States bankruptcy exemptions allow Oklahomans, who are filing bankruptcy, to keep many of their personal assets. In particular Oklahoma allows you to keep the entiraty of your home without regard to its value. You must live in Oklahoma for two years proceeding the filing of your bankruptcy to use the Oklahoma bankruptcy exemptions. In the event you have not lived in the state for the two year period proceeding filing your case you must use the exemptions from the state in which you lived before moving to Oklahoma.
Example Of Oklahoma Bankruptcy Exemptions
Lets say that six months ago you lived in Florida and owned your own home. You sold the home and from the sale you have $100,000 to put down on your home in Oklahoma. After putting your down payment on the home you run into financial trouble and now need to file for bankruptcy. Because you have lived here for over six months you can file for Bankruptcy. Further you may use the Oklahoma bankruptcy exemptions. But because you haven’t lived here for two years before filing, you must use the exemptions of your last state of residence. As a result, after looking at Florida’s exemptions, you may or may not keep your Oklahoma Home.
Another Example of Oklahoma Bankruptcy Exemptions
Lets say that you moved to Oklahoma over two years ago or have lived here for most of your life. Lets say that two years ago you sold a house you once lived in and the proceeds of that sale left you with that same $100,000. Once again you took the money and put it as a down on your new home. Because you have lived in Oklahoma for the two years before you filed you are entitled to the Homestead exemption provided by Oklahoma Bankruptcy Law and that means the house is an exempt asset and you keep it after you file bankruptcy.
If you would like a free bankruptcy consultation with one of our Tulsa Oklahoma Bankruptcy attorney call 918-743-2233.