Oklahoma Exemptions

Most people who file for bankruptcy will keep all of their property. It is important you consult an experienced attorney

Most people who file for bankruptcy will keep all of their property. It is important you consult an experienced attorney to make certain you are given the full benefit of keeping everything the law will allow. The property described below is exempt from execution, which, in the bankruptcy context, means if the property is listed, you will likely get to keep it.


ASSET TYPE EXEMPTION APPLICABLE LAW
HOMESTEAD Home or manufactured home constituting principal residence of debtor (160 acres of rural land OR 1 acre of urban land). At least 75% of improved area of homestead must be used as principal residence, otherwise exemption is limited to $5,000. 31 OSA § 1(A)1
31 OSA § 1(A)2
WAGES Seventy-five percent (75%) of all current wages or earnings for personal or professional services earned during the last ninety (90) days, except as provided in Title 12 of the Oklahoma Statutes in garnishment proceedings for collection of child support. 31 OSA § 1(A)18
DOMESTIC SUPPORT OBLIGATIONS Such person's right to receive alimony, support, separate maintenance or child support payments to the extent reasonably necessary for the support of such person and any dependent of such person. 31 OSA § 1(A)19
PERSONAL PROPERTY All household and kitchen furniture held primarily for the personal, family, educational or household use of such person or a dependent of such person, including a personal computer and related equipment. 31 OSA § 1(A)3
  Any lot or lots in a cemetery held for the purpose of sepulcher. 31 OSA § 1(A)4
  Implements of husbandry necessary to farm the homestead and tools, apparatus and books used in any trade or profession of such person or a dependent of such person, not to exceed Ten Thousand Dollars ($10,000.00) in aggregate value. 31 OSA § 1(A)5
  All books, portraits and pictures that are held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)6
  The person's interest, not to exceed Four Thousand Dollars ($4,000.00) in aggregate value, in wearing apparel that is held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)7
  The person’s interest, not to exceed Three Thousand Dollars ($3,000.00) in aggregate value, in wedding and anniversary rings. 31 OSA § 1(A)8
  All professionally prescribed health aids for such person or a dependent of such person. 31 OSA § 1(A)9
  Five milk cows and their calves under six (6) months old, that are held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)10
  One hundred chickens, that are held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)11
  Two horses and two bridles and two saddles, that are held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)12
  One motor vehicle, not to exceed Seven Thousand Five Hundred Dollars ($7,500.00) in value, in one motor vehicle. 31 OSA § 1(A)13
  Guns, not to exceed Two Thousand Dollars ($2,000.00) in aggregate value, that are held primarily for the personal, family or household use of such person or a dependent of such person, provided that nothing in this subsection shall be construed to allow a person to exempt guns which are used mainly as an investment or nonpersonal, family or household use. 31 OSA § 1(A)14
  Ten hogs, that are held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)15
  Twenty head of sheep, that are held primarily for the personal, family or household use of such person or a dependent of such person. 31 OSA § 1(A)16
  All provisions and forage on hand, or growing for home consumption, and for the use of exempt stock for one (1) year. 31 OSA § 1(A)17
PUBLIC Crime victims’ compensation 21 OSA § 142.13
BENEFITS Social security 56 OSA § 173
  Unemployment compensation 40 OSA § 2-203
  Worker's compensation
(see personal property)
85 OSA § 48
PENSION PLANS County employees 19 OSA § 959
  Disabled veterans 31 OSA § 7
  Firefighters 11 OSA § 49-126
  Law enforcement employees 47 OSA § 2-303.30
  Police officers 11 OSA § 50-124
  Public employees 74 OSA § 923
  Police officers 11 OSA § 50-124
  Tax exempt benefits 60 OSA § 328
  Teachers 70 OSA § 17-109
  ERISA-qualified benefits 31 OSA § 20
PARTNERSHIPS Property of business partnership 54 OSA § 225
INSURANCE Assessment or mutual Benefits 36 OSA § 2410
  Funeral benefits prepaid & placed in trust 36 OSA § 6125
  Group life policy or proceeds 36 OSA § 3632
  Limited stock insurance benefits 36 OSA § 2510
DAMAGES CLAIMS Such person's interest in a claim for personal bodily injury, death or workers' compensation claim, for a net amount not in excess of Fifty Thousand Dollars ($50,000.00), but not including any claim for exemplary or punitive damages. 31 OSA § 1(A)21
DEVELOPMENT ACCOUNT Funds in an individual development account established pursuant to the provisions of Section 251 et seq. of Title 56 of the Oklahoma Statutes. 31 OSA § 1(A)22
EARNED INCOME TAX CREDIT Any amount received pursuant to the federal earned income tax credit. 31 OSA § 1(A)23
COLLEGE SAVINGS Any interest in an Oklahoma College Savings Plan account established pursuant to the provisions of Section 3970.1 et seq. of Title 70 of the Oklahoma Statutes. 31 OSA § 1(A)24
FEDERAL EXEMPTIONS
DO NOT APPLY IN OKLAHOMA