Oklahoma bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Oklahoma bankruptcy district courts are located in four places (Okmulgee, Tulsa, Lawton, and Oklahoma City) under the three group regions – Oklahoma Eastern District Court, Oklahoma Northern District Court, and Oklahoma Western District Court.
Properties Exemptions Under The Oklahoma Bankruptcy Laws
As per the Oklahoma bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Oklahoma bankruptcy district courts.
•The Homestead Exemptions include real property or manufactured home for up to an unlimited value. However, the restriction has been imposed in terms of the area. You are not allowed to exempt homestead properties more than one acre in town or city and 160 acres of properties located out of town.
•As per the Oklahoma bankruptcy laws, the Insurance exemptions include limited stock insurance benefits, group life policy or proceeds, funeral benefits prepaid and placed in trust, fraternal benefit society benefits, and assessment or mutual benefits.
•Personal properties exemptions have been interpreted by the Oklahoma bankruptcy laws as follows.
◦Motor vehicle can be exempted for up to three thousand dollars.
◦The maximum exemptible amount of clothing is four thousand dollars in value.
◦The personal declared as bankrupt is allowed to keep two bridles and two saddles.
•Pension funds are also allowed for exemption under the Oklahoma bankruptcy laws, but only the following individuals are eligible for such exemptions.
◦Teachers
◦Public employees
◦Police officers
◦Law enforcement employees
◦Firefighters
◦Disabled veterans
◦County employees
•The pension exemptions mainly include ERISA-qualified benefits and Tax-exempt benefits.
•Tools of trade include apparatus, books, tools, and homestead and the maximum amount exemptible under this section is five thousand dollars in total.
•Wild Card exemptions are not allowed as per the Oklahoma bankruptcy laws.