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Property Exemptions for Chapter 7 Bankruptcy in Tulsa

Bankruptcy Lawyers Serving Eastern Oklahoma

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.

You may be able to exempt some personal secured and unsecured property depending upon whether you are filing Chapter 7 or Chapter 13 bankruptcy. A bankruptcy attorney from The Colpitts Law Firm can help you understand the different factors that impact your ability to exempt property.

It is possible that you can exempt your:

  • Home/homestead
  • Car(s)
  • Any retirement accounts/retirement investments
  • Pensions
  • Clothing
  • Furniture
  • Pictures
  • Financial funds related to certain lawsuits such as wrongful death up to a certain amount
  • Jewelry, depending on cash value
  • Social Security benefits

Get started by scheduling a free consultation with our team. Call (918) 302-2662 to request yours.

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 Tulsa 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. Our team has a comprehensive understanding of all Oklahoma property exemptions in bankruptcy filings. We make it a priority to protect your assets and maximize the exemptions you are allowed.

Find Clarity with Our Bankruptcy Attorneys

The laws surrounding bankruptcy can be very confusing but do not allow this to paralyze you and prevent you from moving forward. If you are facing the possibility of filing for bankruptcy and you are fearful of losing your property, The Colpitts Law Firm can help. We are 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 bankruptcy attorneys at (918) 302-2662.

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“Our knowledge and experience give us an unparalleled ability to move difficult cases through the bankruptcy system smoothly.”

- Greggory T. Colpitts
Board Certified in Consumer Bankruptcy
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