Oklahoma Bankruptcy Laws

Real property or manufactured home of unlimited value, but cannot exceed 160 acres if not in a city or town, or 1 acre in a city or town. You may rent the homestead as long as you do not acquire another. May be limited to $5,000 if more than 25% of area of improvements is used for business purposes.

Personal Property

Burial plots, motor vehicle up to $7,500; clothing up to $4,000; furniture, books, portraits, pictures, and health aids; food to last 1 year; 2 bridles and 2 saddles; 100 chickens, 20 sheep, 10 hogs, 5 cows and calves under 6 months, 2 horses and forage for livestock to last 1 year; personal injury, workers' compensation and wrongful death recoveries up to $50,000 total; college savings plan interest; Deposits made into an Individual Development Account; Federal earned income tax credit; guns for household use up to $2,000; anniversary and wedding rings up to $3,000; household and kitchen furniture; personal computer and related equipment; federal earned income tax credit; prepaid funeral benefits; war bond payroll savings accounts.

Wages

75% of wages earned within 90 days prior to filing bankruptcy. Judge may approve more if you can show hardship.

Pensions

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person; firefighters; disabled veterans; police officers; judges; law enforcement employees; county employees; tax exempt benefits; ERISA-qualified benefits; teachers; public employees.

Public Benefits

Crime victims' compensation; unemployment compensation; public assistance and social security; workers' compensation.

Tools of the Trade

Tools, books, apparatus of trade, and husbandry implements to farm homestead, up to $10,000 total.

Insurance

Assessment or mutual benefits; limited stock insurance benefits; fraternal benefit society benefits; life insurance policy or proceeds if the policy does not prohibit it being paid to creditors; group life insurance policy or proceeds; funeral benefits if pre-paid and placed in trust.

Miscellaneous

Beneficiary's interest in a statutory support trust; liquor license; business partnership property.