Oklahoma State Exemption List
Only State Exemptions Allowed
If you live in Oklahoma, you will only be allowed to use the Oklahoma state exemptions. There may be certain federal supplemental exemptions that may be used. It is important to discuss all bankruptcy exemptions with an Oklahoma Bankruptcy Attorney.
Bankruptcy exemptions were created to allow you to maintain enough public benefits, personal property, wages, and insurance to start over after filing bankruptcy. There may be certain residency requirements to use the Oklahoma state exemption list.
The following table will outline the Oklahoma State Exemptions. Many of your assets may not have a matching exemption.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
Real property or manufactured home to unlimited value; property cannot ¼ acre, may claim $5000 on 1 acre in city, town or village, or 160 acres elsewhere (need not occupy homestead to claim it exempt as long as you don’t acquire another) |
31-1(A) (1), 31-1(A) (2), 31-2 |
| Insurance |
Assessment or mutual benefits
Fraternal benefit society benefits
Funeral benefits prepaid & placed in trust
Group life policy or proceeds
Limited stock insurance benefits |
36-2410
2718.1
36-6125
36-3632
36-2510 |
| Miscellaneous |
Alimony, child support
Property of business partnership |
31-1(A) (19)
54-225 |
| Pensions |
County employees
Disabled veterans
ERISA-qualified benefits
Firefighters
Law enforcement employees
Police officers
Public employees
Tax exempt benefits
Teachers |
19-959
31-7
31-1(A) (20)
11-49-126
47-2-303.3
11-50-124
74-923
60-328
70-17-109 |
| Personal Property |
Books, portraits, pictures & gun
Two bridles & Two saddles
Burial plots
100 chickens, 10 hogs, 5 cows & calves under 6 months, 20 sheep; forage for livestock to last 1 year (cows must be able to produce milk for human consumption)
Clothing to $4000
Furniture, health aids, food to last one year
Motor vehicle to $3000
Claim for personal bodily injury, death or workers' compensation claim, for a net amount not in excess of $50,000.00, but not including any claim for exemplary or punitive damages |
31-1(A) (7), (14)
31-1(A) (12)
31-1(A) (4), 8-7
31-1 (A) (10), (11), (15), (16)
31-1(A) (8)
31-1(A) (3), (9), (17)
31-1(A) (13)
31-1(A) (21); In re Luckinbill, 163 B.R. 856 (W.D. Okla. 1994) |
| Wages |
75% of wages earned in 90 days before filing bankruptcy; bankruptcy judge may allow more if you show hardship |
12-1171.1,
31-1(A) (18) |
| Wild Card |
None |
|
| Public Benefits |
Crime victims’ compensation
Social security
Unemployment compensation
Worker’s compensation (see personal property) |
21-142.13
56-173
40-2-203
85-48 |
| Tools of Trade |
Husbandry implements to farm homestead, tools, books & apparatus to $5000 total |
31-1(A) (5), (6), 31-1( C) |