Common Types of Bankruptcy Exemptions

Posted By Alexander Hilton & Associates || 27-Nov-2015

If you are filing for Chapter 7 bankruptcy in Oklahoma, most debtors find that many of their properties are protected, and you will be able to keep them. If you are filing for Chapter 13 bankruptcy, the exemptions can be used to lower the amount that you need to pay back to creditors.

Types of Bankruptcy Exemptions

Oklahoma does not differentiate between the federal bankruptcy exemptions. However, you can still claim any federal non-bankruptcy exemptions. Furthermore, if you are married and are filing bankruptcy jointly, you can also double up on the exemptions, provided both of your names are listed as owners.

These are the most common types of bankruptcy exemptions:

  • Wages
  • Pensions
  • Personal property
  • Homestead
  • Public benefits
  • Alimony
  • Child support
  • Insurance
  • Business partnerships

This is only a small portion of the list and, therefore, does not include all of the different types. You should always consult first with a seasoned Oklahoma bankruptcy lawyer before beginning. Having the foresight and knowledge of the laws early on ensures you do not run into any pitfalls later on down the line.

For example, the homestead exemption is available if your home is your primary place of living and you can exempt entire home’s value. However, there is a limit to this. If you live in the city, you can only exempt one acre; everywhere else, you are allotted up to 160 acres.

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Categories: Bankruptcy

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