Oklahoma Bankruptcy Exemptions
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Written by
Jeffrey Johnson
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UPDATED: Nov 16, 2020
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| Assets | Exemption | State Statutes |
|---|---|---|
| Homestead | Real property or manufactured home to unlimited value; property cannot exceed 1 acre in city, town, or village, or 160 acres elsewhere; $5,000 limit if more than 25% of total sq. ft. area used for business purposes; okay to rent homestead as long as no other residence is acquired. | 31 Okla. Stat. Ann. § 1 (A)(1) 31 Okla. Stat. Ann. § 1 (A)(2) 31 Okla. Stat. Ann. § 2 |
| Insurance | Annuity benefits and cash value. | 36 Okla. Stat. Ann. § 3631.1 |
| Assessment or mutual benefits. | 36 Okla. Stat. Ann. § 2410 | |
| Fraternal benefit society benefits. | 36 Okla. Stat. Ann. § 2718.1 | |
| Funeral benefits prepaid and placed in trust. | 36 Okla. Stat. Ann. § 6125 | |
| Group life policy or proceeds. | 36 Okla. Stat. Ann. § 3632 | |
| Life, health, accident, & mutual benefit insurance proceeds & cash value, if clause prohibits proceeds from being used to pay beneficiary’s creditors. | 36 Okla. Stat. Ann. § 3631.1 | |
| Limited stock insurance benefits. | 36 Okla. Stat. Ann. § 2510 | |
| Misc. | Alimony, child support. | 31 Okla. Stat. Ann. § 1 (A)(19) |
| Beneficiary’s interest in a statutory support trust. | 6 Okla. Stat. Ann. § 3010 | |
| Liquor license. | 37 Okla. Stat. Ann. § 532 | |
| Property of business partnership. | 54 Okla. Stat. Ann. § 1-504 | |
| Pensions | County employees. | 19 Okla. Stat. Ann. § 959 |
| Disabled veterans. | 31 Okla. Stat. Ann. § 7 | |
| ERISA-qualified benefits, IRAs, Roth IRAs, Education IRAs & Keoghs. | 31 Okla. Stat. Ann. § 1 (A)(20),(24) | |
| Firefighters. | 11 Okla. Stat. Ann. § 49-126 | |
| Judges. | 20 Okla. Stat. Ann. § 1111 | |
| Law enforcement employees. | 47 Okla. Stat. Ann. § 2-303.3 | |
| Police officers. | 11 Okla. Stat. Ann. § 50-124 | |
| Public employees. | 74 Okla. Stat. Ann. § 923 | |
| Tax exempt benefits. | 60 Okla. Stat. Ann. § 328 | |
| Teachers. | 70 Okla. Stat. Ann. § 17-109 | |
| Personal Property | Books, portraits, and pictures. | 31 Okla. Stat. Ann. § 1 (A)(6) |
| Burial plots. | 8 Okla. Stat. Ann. § 7 31 Okla. Stat. Ann. § 1 (A)(4) |
|
| Clothing to $4,000. | 31 Okla. Stat. Ann. § 1 (A)(7) | |
| College savings plan interest. | 31 Okla. Stat. Ann. § 1 (A)(24) | |
| Deposits in an IDA (Individual Development Account). | 31 Okla. Stat. Ann. § 1 (A)(22) | |
| Federal earned income tax credit. | 31 Okla. Stat. Ann. § 1 (A)(23) | |
| Food & seed for growing to last 1 year. | 31 Okla. Stat. Ann. § 1 (A)(17) | |
| Guns for household use to $2,000. | 31 Okla. Stat. Ann. § 1 (A)(14) | |
| Health aids. | 31 Okla. Stat. Ann. § 1 (A)(9) | |
| Household & kitchen furniture, personal computer & related equipment. | 31 Okla. Stat. Ann. § 1 (A)(3) | |
| Livestock for personal or family use: 5 dairy cows & calves under 6 months; 100 chickens; 20 sheep; 10 hogs; 2 horses, bridles, & saddles; forage & feed to last 1 year. | 31 Okla. Stat. Ann. § 1 (A)(10),(11),(12), (15),(16),(17) | |
| Motor vehicle to $7,500. | 31 Okla. Stat. Ann. § 1 (A)(13 | |
| Public Benefits | Crime victims’ compensation. | 21 Okla. Stat. Ann. § 142.13 |
| Public assistance. | 56 Okla. Stat. Ann. § 173 | |
| Social Security. | 56 Okla. Stat. Ann. § 173 | |
| Unemployment compensation. | 40 Okla. Stat. Ann. § 2-303 | |
| Tools of Your Trade | Implements needed to farm homestead, tools, books, & apparatus to $10,000 total. | 31 Okla. Stat. Ann. § 1 (A)(5) |
| Wages | 75% of wages earned in 90 days before filing bankruptcy; bankruptcy judge may allow more if you show hardship. | 12 Okla. Stat. Ann. § 1171.1 31 Okla. Stat. Ann. § 1 (A)(18) 31 Okla. Stat. Ann. § 1.1 |
| Wildcard | None listed. |
Resources:
Oklahoma Bankruptcy Attorneys