Guns in Oklahoma Bankruptcy are yours to keep but you have to disclose them to claim the exemption. When we prepare a client’s bankruptcy paperwork, we ask them about their assets, the things they own. This includes checking and savings accounts, retirement funds and other personal property. Many clients get nervous when we ask them to list what firearms they own because they assume the court will take their guns in Oklahoma bankruptcy. Fortunately, this is not the case.
The law in Oklahoma provides for “exemptions” for different kinds of property that allow debtors to keep the property despite filing bankruptcy. This list of exempt property includes many more things then what people expect. According to 31 OS § 1(A)(14), any debtor may keep up to $2,000 worth of guns in Oklahoma Bankruptcy, provided those guns are for personal or family use, such as for hunting or self-defense.
The vast majority of guns fall under this rule. The only exceptions would be guns kept as an investment or a collection of valuable antique firearms. We frequently have clients exempt and keep handguns, shotguns, and rifles, sometimes a few of each. So long as the total value of the guns kept is less than $2,000, all of them are off limits from the bankruptcy. And even if a client had a larger stockpile of weapons, they would still be entitled to keep up to that $2,000 value.
Chapter 7 or Chapter 13 Bankruptcy:
The exemptions for guns in Oklahoma bankruptcy is the same regardless of the case being a chapter 13 or chapter 7. Regardless of the exemption it applies to both types of cases. The truth of the matter is that Oklahoma bankruptcy law utilizes our states exemptions. The Oklahoma exemptions include things beyond whats exempt in many other states.
Oklahoma Bankruptcy Help:
If you live in Oklahoma and you’re considering filing a case we can help you. Bankruptcy allows you to get debt forgiveness and begin to rebuild your financial life. You don’t have to live with the pressure that comes from garnishments, repossessions and most other debt. Get a free bankruptcy consultation by calling 918-743-2233 or filing out a form.