Oklahoma Bankruptcy Exemptions
Get Legal Help Today
Secured with SHA-256 Encryption
|
Written by
Jeffrey Johnson
|
UPDATED: Jul 16, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
| 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