Property Exemptions

Some states follow both federal and state guidelines for bankruptcy exemptions for property; however, in Oklahoma, bankruptcy laws mandate that only Oklahoma State exemptions are allowed in Oklahoma bankruptcy filings.

In Tulsa, Oklahoma, you may be able to exempt some personal secured and unsecured property depending upon whether you are filing Chapter 7 or Chapter 13 bankruptcy and certain factors that a bankruptcy attorney can explain. Some examples include:

  • Your home/homestead
  • Your car(s)
  • Any retirement accounts/retirement investments
  • Pensions
  • Clothing
  • Furniture
  • Pictures
  • Financial funds related to certain law suits such as wrongful death up to a certain amount
  • Certain amount of jewelry depending upon cash value
  • Social Security benefits
  • Etc.

Farming Property Exemptions in Oklahoma

If you are a farmer filing for bankruptcy, you have additional exemptions allowed by the state that include livestock, farm equipment, land not to exceed 160 acres, and other exceptions. The property exemptions lawyers at The Colpitts Law Firm understand the laws that are in place to protect a farm and will ensure your rights are protected throughout the bankruptcy process.

Specifics for Exemptions

To retain non-exempt property, you normally have to pay the trustee the valued amount of the property for the proceeds to be used in resolving your debt. If a married couple is filing for joint bankruptcy, each spouse is allowed to use the same exemptions. Greggory T. Colpitts has full understanding of all Oklahoma property exemptions in bankruptcy filings. Our team makes it a priority to protect your assets and maximize the exemptions you are allowed.

Clarity with an Oklahoma Bankruptcy Attorney

The laws surrounding bankruptcy can be very confusing; do not allow this to paralyze you and prevent you from moving in a positive direction. If you are facing the possibility of filing for bankruptcy, and you are fearful of losing your home, and your cars, contact Oklahoma bankruptcy experts at The Colpitts Law Firm. They will be happy to help alleviate your fears, and set you on the path that will secure your financial future.

To discuss your concerns regarding foreclosure, debt liquidation, or debt repayment plans, contact our Tulsa bankruptcy attorney. Call us at 918-236-8385 to arrange an initial consultation and find out what we can do for you.