Oklahoma Chapter 7 Bankruptcy
Oklahoma Chapter 7 bankruptcy is about starting over financially by wiping your financial situation clean. Bankruptcy, specifically Oklahoma Chapter 7, has become much more common as a last resort for many people who find themselves overloaded with debts and facing foreclosure, repossession, and legal action. Filing for Chapter 7 bankruptcy may cancel out many of these outstanding debts and prevent you from loosing your car, house, or other personal possessions.
After the court takes control of your property and protects you from creditors, your case is placed with a bankruptcy trustee, who oversees the liquidation of any non-exempt assets in order to reimburse as many creditors of secured debit as possible. Under Oklahoma law, you are allowed to keep much of your property. All of your property that fit under Oklahoma Exemptions (SEE EXEMPTIONS BELOW) will be left alone by the trustee. Any property that does not fit under the protection of one of these exemptions is subject to liquidation to pay, at least to some extent, your unsecured creditors. Once creditors are compensated to the highest extent possible after exemptions are applied, the rest of your debt may be canceled out. This will allow you a fresh start with your personal finances, without the burden of financial insecurity and overwhelming debt.
It is important to note that the United States Congress has recently made extensive changes to federal bankruptcy laws which affect the ability of people to file for bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 lays out specific steps that must be followed before bankruptcy is allowed. Bankruptcy laws are intentionally confusing and complicated, for the benefit and protection of creditors. An experienced
Oklahoma bankruptcy attorney at Garrett Law Office will fight on your behalf to protect your property and assets within the power of the law. Contact us today using the form on your left or by calling us toll-free at 1 (866) 664-0400 for a FREE case review or to have your legal questions answered.
Oklahoma Exemptions:
1. Your home, up to 1 acre in the city and 160 acres in the country.
2. A manufactured or mobile home.
3. All household and kitchen furniture including personal computer equipment.
4. Cemetery lot.
5. Farm equipment or tools of the trade up to $10,000.
6. All books, portraits and pictures.
7. Up to $4,000 in clothes.
8. Up to $3,000 for wedding rings.
9. All health aids.
10. Five cows and five calves.
11. 100 chickens.
12. Two horses, two saddles and two bridles.
13. Up to $7,500 in equity in one motor vehicle per person.
14. Up to $2,000 in guns.
15. Ten hogs.
16. Twenty head of sheep.
17. All food or forage for you and your livestock for up to one (1) year.
18. 75% of wages in the last ninety (90) days.
19. Alimony, support, separate maintenance or child support.
20. IRS Qualified Retirement Plans;401(k);403(a)/(b), Roth or Traditional IRAs.
21. Up to $50,000 from personal injury or workers’ compensation benefits.
22. An Individual Development Account pursuant to 56 O.S.C. A. §251.
23. Federal earned income tax credit.
24. Oklahoma College Savings Plan Account pursuant to 70 O.S.C.A. §3970.1.