Property Exemptions for Chapter 7 Bankruptcy in Oklahoma
Bankruptcy Lawyers Serving Tulsa and Eastern Oklahoma
Some states follow both federal and state guidelines for bankruptcy exemptions for property; however, in Oklahoma, bankruptcy laws mandate that only Oklahoma State exemptions are allowed in Oklahoma bankruptcy filings.
You may be able to exempt some personal secured and unsecured property depending upon whether you are filing Chapter 7 or Chapter 13 bankruptcy. An Oklahoma bankruptcy attorney from The Colpitts Law Firm can help you understand the different factors that impact your ability to exempt property.
It is possible that you can exempt your:
- Home/homestead
- Car(s)
- Pensions
- Clothing
- Furniture
- Pictures
- Financial funds related to certain lawsuits such as wrongful death up to a certain amount
- Any retirement accounts/retirement investments
- Jewelry, depending on cash value
- Social Security benefits
Get started by scheduling a free consultation with our Chapter 7 bankruptcy attorneys in Oklahoma. Call (918) 302-2662 to request yours.
Farming Property Exemptions in Oklahoma
If you are a farmer filing for bankruptcy, you have additional exemptions allowed by the state that include livestock, farm equipment, land not to exceed 160 acres, and other exceptions. The Tulsa bankruptcy lawyers at The Colpitts Law Firm understand the laws that are in place to protect a farm and will ensure your rights are protected throughout the bankruptcy process.
Specifics for Exemptions
To retain non-exempt property, you normally have to pay the trustee the valued amount of the property for the proceeds to be used in resolving your debt. If a married couple is filing for joint bankruptcy, each spouse is allowed to use the same exemptions. Our team has a comprehensive understanding of all Oklahoma property exemptions in bankruptcy filings. We make it a priority to protect your assets and maximize the exemptions you are allowed.
Find Clarity with Our Bankruptcy Attorneys in Oklahoma
The laws surrounding bankruptcy can be very confusing but do not allow this to paralyze you and prevent you from moving forward. If you are facing the possibility of filing for bankruptcy and you are fearful of losing your property, The Colpitts Law Firm can help. We are happy to help alleviate your fears and set you on the path that will secure your financial future.
To discuss your concerns regarding foreclosure, debt liquidation, or debt repayment plans, contact our bankruptcy attorneys at (918) 302-2662.
How The Colpitts Law Firm Can Help You
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Thousands of Cases Handled
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American Board Certified
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Extensive Knowledge of Bankruptcy Law
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Almost Three Decades of Experience
Rave Reviews from Happy Clients
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"THE BEST LAW OFFICE IN OKLAHOMA!"
My husband and I are transplants to Oklahoma from Florida and were so blessed to be referred to Greg and his law office. Not only did he handle our bankruptcy and got it discharged in 6 months, but he also helped us along the way with every step and gave the absolute best, and honest advice in our opinions. We had been working and paying another attorney in Florida for over 2 years and he didn't do half of what this office did in 6 months! If you need a trustworthy and professional law office to handle your case, please give this office a call. You will not be disappointed! They are a 5-star office and staff for sure!- The Noles