National Divorce & Bankruptcy Center

Oklahoma Bankruptcy Property Exemptions:
What You Can Keep

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EXEMPT PROPERTY: The property you can keep after bankruptcy.

Some property in many states is exempt regardless of its value i.e. "all personal possessions". Many states also have a 'wild card' exemption which can be applied to any type of property or split among several different items.

An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.

To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.

Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.

Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property 

OKLAHOMA State Exemptions (bankruptcy)

Federal Bankruptcy exemptions are not available (exemptions from OK statutes)

Homestead Real property or manufactured home to unlimited value; property cannot exceed
1/4 acre. If property exceeds 1/4 acre, may claim $5,000 on 1 acre in city, town or village, or 160
acres elsewhere (need not occupy homestead to claim it as exempt as long as you don't acquire
another.

Insurance Assessment or mutual benefits
          Fraternal benefit society benefits
          Group life insurance policy or proceeds 
          Funeral benefits prepaid & placed in trust
Miscellaneous Property of business partnership
          Alimony, child support
Pensions  County Employees
          ERISA qualified benefits, except IRA's
          Disabled Veterans
          Firefighters
          Law Enforcement employees
          Police officers
          Public employees
          Teachers
          Tax Exempt Benefits
Personal  Books, portraits, pictures & gun
property  Burial plots
          2 bridles and 2 saddles
          100 Chickens, 10 hogs, 2 horses, 5 cows & calves under 6 months, 20 sheep;
          forage for livestock to last 1 year (cow must be able to produce milk for human
               consumption)
          clothing to $4,000
          Furniture, health aids, food to last 1 year
          Motor vehicle to $3,000
          Personal injury, wrongful death and workers' compensation recoveries to $50,000
          total; cannot include punitive damages
Public    AFDC 
benefits  Crime victims' compensation
          Unemployment compensation
          Workers' compensation
          Social Security
Tools   Husbandry implements to farm homestead, tools, books and apparatus to $5,000

Wages 75% of wages earned in 90 days before filing bankruptcy, bankruptcy judge may
           allow more if you show hardship

Wild card None