Like all states, Oklahoma has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy. Some states allow debtors to choose between the state exemption system and a set of federal bankruptcy exemptions – but Oklahoma is not one of them. In Oklahoma, you must use the state exemptions below. In addition to this list, you may also use any applicable amounts in the federal nonbankruptcy exemptions.
Unless noted otherwise, if a couple is married and filing jointly in Oklahoma, each spouse may claim the full amount of each exemption. This is informally called “doubling.”
To learn more about bankruptcy exemptions, including how they work, which state exemption system you should use, and special rules for the homestead exemption, see Bankruptcy Exemptions – What Can I Keep When I File for Bankruptcy?
Oklahoma Bankruptcy Exemptions
Unless otherwise noted, all law references are to the Oklahoma Statutes Annotated.
31-1 - Real property or manufactured home of unlimited value, but cannot exceed 160 acres if not in a city or town, or 1 acre in a city or town. You may rent the homestead as long as you do not acquire another. May be limited to $5,000 if more than 25% of the property is used for business purposes.
8-7 - Burial plots.
31-1 - Motor vehicle up to $7,500; clothing up to $4,000; furniture, books, portraits, pictures, and health aids; food to last 1 year; 2 bridles and 2 saddles; 100 chickens, 20 sheep, 10 hogs, 5 cows and calves under 6 months, 2 horses and forage for livestock to last 1 year; personal injury, workers' compensation and wrongful death recoveries up to $50,000 total; college savings plan interest; Deposits made into an Individual Development Account; Federal earned income tax credit; guns for household use up to $2,000; anniversary and wedding rings up to $3,000; household and kitchen furniture; personal computer and related equipment; federal earned income tax credit.
36-6125 - Prepaid funeral benefits.
51-42 - War bond payroll savings accounts.
12-1171.1 & 31-1 - 75% of wages earned within 90 days prior to filing bankruptcy. Judge may approve more if you can show hardship.
11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).
11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.
11-49-126 - Firefighters.
31-7 - Disabled veterans.
11-50-124 - Police officers.
20-1111 - Judges.
47-2-303.3 - Law enforcement employees.
19-959 - County employees.
60-328 - Tax exempt benefits.
31-1 - ERISA-qualified benefits.
70-17-109 - Teachers.
74-923 - Public employees.
21-142.13 - Crime victims' compensation.
40-2-303 - Unemployment compensation.
56-173 - Public assistance and Social Security.
85-48 - Workers' compensation.
Tools of Trade
31-1 - Tools, books, apparatus of trade, and implements to farm homestead, up to $10,000 total.
Alimony and Child Support
31-1 - Alimony and child support.
36-3631.1 - Annuity benefits and cash value.
36-2410 - Assessment or mutual benefits.
36-2510 - Limited stock insurance benefits.
36-2718.1 - Fraternal benefit society benefits.
36-3631 - Life,health, accident, and mutual benefit insurance policy cash value or proceeds if the policy does not prohibit it being used to pay creditors.
36-3632 - Group life insurance policy or proceeds.
36-6125 - Funeral benefits if pre-paid and placed in trust.
6-3010 - Beneficiary's interest in a statutory support trust.
37-532 - Liquor license.
54-1-501 - Business partnership property.
Add any applicable Federal Nonbankruptcy Exemptions.
This list includes the majority of bankruptcy exemptions available in Oklahoma. However, it may not include all exemptions, and states often create exceptions to specific exemptions. In addition, Oklahoma may have changed the amounts since this list was last updated in June of 2011. Consider cross-checking this list with www.legalconsumer.com, which updates the state exemption amounts regularly, or check with your local bankruptcy court.