Oklahoma Bankruptcy Laws

The state of Oklahoma is divided into three bankruptcy districts: Oklahoma Eastern Bankruptcy Court, Oklahoma Northern Bankruptcy Court and Oklahoma Western Bankruptcy Court. These courts serve the entire state of Oklahoma .

Oklahoma Bankruptcy Exemptions
Exempt property is property that you are allowed to keep in a chapter 7 bankruptcy. State law determines what property is exempt. According to Lawyers.com, under Oklahoma bankruptcy laws, you may keep:

• Home or manufactured home if principal residence unless the property was acquired within the previous 1,215 days, and then the homestead exemption is limited to $125,000 in home equity under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
• Household and kitchen furniture.
• Burial plot.
• 75% of wages during the last 90 days, unless needed for child support obligations.
• Certain pensions.
• Qualified retirement plans.
• Alimony, support, maintenance in an amount reasonably necessary for support.
• Farm implements.
• Tools of trade.
• Books, portraits and pictures.
• Clothing to $4,000.
• Professionally prescribed health aids.
• Farm animals including five milk cows and their calves under six months old.
• 100 chickens.
• Two horses, two bridles and two saddles.
• Ten hogs.
• Twenty sheep.
• One motor vehicle to $7,500.
• One gun.
• Provisions on hand or growing for home consumption for one year.
• Claim for personal bodily injury, death or workers' compensation to $50,000.
• Funds in an individual retirement account.
• Federal earned income tax credits.
• Earnings necessary for maintenance of family or dependants.
• Group life insurance.
• Prepaid funeral benefits.
• Unemployment compensation.
• Public assistance.
• Interest in retirement, pension or profit sharing plan.

NOTE: These are the major bankruptcy exemptions. Check with your bankruptcy lawyer for a full exemptions list.

New Bankruptcy Law Changes - Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.

This is important! The new bankruptcy law requires all debtors to fulfill two education requirements: a credit counseling course prior to filing and a financial management course before obtaining a discharge. Failure to complete either of these courses and file the appropriate certificates with the court will prevent a successful bankruptcy. The Chapter 13 Trustee will offer the required courses to Chapter 13 debtors, but Chapter 7 debtors are required to take the courses on their own.

Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.