Oklahoma Bankruptcy Laws - Personal Property Exemptions

This Article was brought to you by:

Posted on January 27, 2008
Filed Under Debt Consolidation, Avoid Bankruptcy, Business Bankruptcy, Chapert 11, Chapter 13, Blog Carnivals |

Like most of the other states in America, the Oklahoma bankruptcy law also allows the debtor to use the federal supplement exemptions along with the state specific exemptions. However, it also restricts you from substituting the Florida exemptions completely with the federal exemptions. The complete substitutions of the laws regarding the property exemptions are not allowed.

The personal properties exemptions have been interpreted by the Oklahoma bankruptcy laws in the following manner:

Motor Vehicles

As per the insolvency regulations, the debtor declared as bankrupt is allowed to claim exemptions for any number of motor vehicles. The good thing I that there are no retractions in terms of the number of motor vehicles, but the maximum amount is restricted only up to three thousand dollars.

Clothing

Clothing has also been declared as exempt personal property under the Oklahoma liquidation laws. However, the maximum amount that you can exempt under this category is only four thousand dollars.

Livestock Exemptions

Livestock exemptions have also been included. If you are a permanent resident of Oklahoma and you have been declared as bankrupt, as per the court in Oklahoma, you are allowed to exempt the livestock as much as the following:

  • A maximum of hundred chickens
  • Twenty sheep
  • Those five cows who are able to produce milk for human consumption
  • Ten hogs
  • And, a maximum of hundred chickens are also exempt under the new bankruptcy laws.

    • Bridles And Saddles

    The Oklahoma bankruptcy laws also allow you to exempt a maximum of two bridles and two saddles.

    Claims For Injury

    If the debtor declared as bankrupt is eligible for some workers’ compensation, such as any Claim for personal bodily injury etc, as per the Oklahoma laws, the debtor can get exemptions up to as much as fifty thousand dollars, but the amount in this category must not exceed this upper limit. What is more, it is also important for you to note here that such exemptions do not include any claim for exemplary or punitive damages.

    Other personal property exemptions

    The personal property bankruptcy exemptions also include the following, as per the Oklahoma bankruptcy laws:

  • Food materials, furniture, and health aids can also be considered to be exempted, but only up to the amount that should last a maximum of one year.

  • Family portraits and other such pictures are also allowed to be exempted under the personal property exemptions in the state of Oklahoma.
  • Other than that, you can also exempt books of up to any amount.
  • Interestingly, the state liquidation rules also allow you to exempt gun under the personal property exemptions.

    • As per the Oklahoma bankruptcy laws, you cannot substitute the Oklahoma specific filing bankruptcy exemptions with the federal exemptions completely. However, the bankruptcy court allows you to use the both, in order to claim your exemptions. For example, you may use the personal property exemptions, as specified by the new bankruptcy laws of Oklahoma and other exemptions, as specified under the federal law.

    Useful Links:

    Having trouble with debt management because you can't get a consolidation loan? social lending offer simple cheap loan that are smarter and friendlier than conventional bank loans.

    Comments

    Comments are closed.

    -