Oklahoma Bankruptcy Exemptions 2023
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Written by Upsolve Team.
Reviewed September 29, 2021
It's important to understand what the exemptions for Oklahoma are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Oklahoma allow federal exemptions?
Oklahoma does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Oklahoma Exemptions
11 Okla. Stat. Ann. § 38-112
Most people use 11 Okla. Stat. Ann. § 38-112 to cover property of urban renewal authority. For single debtors filing, it has no coverage limit.
11 Okla. Stat. Ann. § 49-126
Most people use 11 Okla. Stat. Ann. § 49-126 to cover firefighters pensions. For single debtors filing, it has no coverage limit.
11 Okla. Stat. Ann. § 50-124
Most people use 11 Okla. Stat. Ann. § 50-124 to cover police pensions. For single debtors filing, it has no coverage limit.
19 Okla. Stat. Ann. § 959
Most people use 19 Okla. Stat. Ann. § 959 to cover county employees pensions. For single debtors filing, it has a coverage limit of $300. This exemption has a limit to the number of assets it can cover.
20 Okla. Stat. Ann. § 1111
Most people use 20 Okla. Stat. Ann. § 1111 to cover judges' pensions. For single debtors filing, it has no coverage limit.
21 Okla. Stat. Ann. § 142.13
Most people use 21 Okla. Stat. Ann. § 142.13 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(10); 31 Okla. Stat. Ann. § 1 (A)(11); 31 Okla. Stat. Ann. § 1 (A)(12); 31 Okla. Stat. Ann. § 1 (A)(15); 31 Okla. Stat. Ann. § 1 (A)(16); 31 Okla. Stat. Ann. § 1 (A)(17)
Most people use 31 Okla. Stat. Ann. § 1 (A)(10); 31 Okla. Stat. Ann. § 1 (A)(11); 31 Okla. Stat. Ann. § 1 (A)(12); 31 Okla. Stat. Ann. § 1 (A)(15); 31 Okla. Stat. Ann. § 1 (A)(16); 31 Okla. Stat. Ann. § 1 (A)(17) to cover animals and livestock. For single debtors filing, it has a coverage limit of $1,000.
31 Okla. Stat. Ann. § 1 (A)(13)
Most people use 31 Okla. Stat. Ann. § 1 (A)(13) to cover motor vehicle (one). For single debtors filing, it has a coverage limit of $7,500. This exemption has a limit to the number of assets it can cover.
31 Okla. Stat. Ann. § 1 (A)(14)
Most people use 31 Okla. Stat. Ann. § 1 (A)(14) to cover guns for household. For single debtors filing, it has a coverage limit of $2,000.
31 Okla. Stat. Ann. § 1 (A)(17)
Most people use 31 Okla. Stat. Ann. § 1 (A)(17) to cover food and seeds to last one year. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(18); 31 Okla. Stat. Ann. § 1.1; 12 Okla. Stat. Ann. § 1171.1
Most people use 31 Okla. Stat. Ann. § 1 (A)(18); 31 Okla. Stat. Ann. § 1.1; 12 Okla. Stat. Ann. § 1171.1 to cover wages - 75% from 90 days; 100% hardship; child support - 50% exempt if there are other dependants, 40% if not. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(19)
Most people use 31 Okla. Stat. Ann. § 1 (A)(19) to cover alimony child support. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(20); 31 Okla. Stat. Ann. § 1 (A)(24)
Most people use 31 Okla. Stat. Ann. § 1 (A)(20); 31 Okla. Stat. Ann. § 1 (A)(24) to cover erisa benefits, ira, roth ira, education ira, keoghs. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(21)
Most people use 31 Okla. Stat. Ann. § 1 (A)(21) to cover personal injury settlement. wrongful death awards. For single debtors filing, it has a coverage limit of $50,000.
31 Okla. Stat. Ann. § 1 (A)(23)
Most people use 31 Okla. Stat. Ann. § 1 (A)(23) to cover federal earned income tax credit. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(24)
Most people use 31 Okla. Stat. Ann. § 1 (A)(24) to cover college savings plan interest. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(3)
Most people use 31 Okla. Stat. Ann. § 1 (A)(3) to cover household goods and furnishings. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(5)
Most people use 31 Okla. Stat. Ann. § 1 (A)(5) to cover tools of trade. For single debtors filing, it has a coverage limit of $10,000.
31 Okla. Stat. Ann. § 1 (A)(6)
Most people use 31 Okla. Stat. Ann. § 1 (A)(6) to cover books, portraits, and pictures. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 1 (A)(7)
Most people use 31 Okla. Stat. Ann. § 1 (A)(7) to cover wearing apparel. For single debtors filing, it has a coverage limit of $4,000.
31 Okla. Stat. Ann. § 1 (A)(8)
Most people use 31 Okla. Stat. Ann. § 1 (A)(8) to cover wedding and anniversary rings. For single debtors filing, it has a coverage limit of $3,000.
31 Okla. Stat. Ann. § 1 (A)(9)
Most people use 31 Okla. Stat. Ann. § 1 (A)(9) to cover health aids. For single debtors filing, it has no coverage limit.
31 Okla. Stat. Ann. § 7
Most people use 31 Okla. Stat. Ann. § 7 to cover veterans' benefit. For single debtors filing, it has no coverage limit.
36 Okla. Stat. Ann. § 2718.1
Most people use 36 Okla. Stat. Ann. § 2718.1 to cover fraternal benefit. For single debtors filing, it has no coverage limit.
36 Okla. Stat. Ann. § 3631.1
Most people use 36 Okla. Stat. Ann. § 3631.1 to cover annuity, insurance (cash value). For single debtors filing, it has no coverage limit.
36 Okla. Stat. Ann. § 3631.1
Most people use 36 Okla. Stat. Ann. § 3631.1 to cover life insurance (if clause prohibits). For single debtors filing, it has no coverage limit.
36 Okla. Stat. Ann. § 3632
Most people use 36 Okla. Stat. Ann. § 3632 to cover life insurance (group). For single debtors filing, it has no coverage limit.
36 Okla. Stat. Ann. § 6125
Most people use 36 Okla. Stat. Ann. § 6125 to cover funeral benefit trusts. For single debtors filing, it has no coverage limit.
37 Okla. Stat. Ann. § 532
Most people use 37 Okla. Stat. Ann. § 532 to cover liquor license. For single debtors filing, it has no coverage limit.
40 Okla. Stat. Ann. § 2-303
Most people use 40 Okla. Stat. Ann. § 2-303 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
47 Okla. Stat. Ann. § 2-303.3
Most people use 47 Okla. Stat. Ann. § 2-303.3 to cover law enforcement officers. For single debtors filing, it has no coverage limit.
37 Okla. Stat. Ann. § 532
Most people use 37 Okla. Stat. Ann. § 532 to cover savings account (war bond). For single debtors filing, it has no coverage limit.
54 Okla. Stat. Ann. § 1-504
Most people use 54 Okla. Stat. Ann. § 1-504 to cover property of business partnership. For single debtors filing, it has no coverage limit.
56 Okla. Stat. Ann. § 173
Most people use 56 Okla. Stat. Ann. § 173 to cover public assistance. social security. For single debtors filing, it has no coverage limit.
70 Okla. Stat. Ann. § 17-109
Most people use 70 Okla. Stat. Ann. § 17-109 to cover teachers pensions. For single debtors filing, it has no coverage limit.
74 Okla. Stat. Ann. § 923
Most people use 74 Okla. Stat. Ann. § 923 to cover public employees. For single debtors filing, it has no coverage limit.
85 Okla. Stat. Ann. § 48
Most people use 85 Okla. Stat. Ann. § 48 to cover workers' compensation. For single debtors filing, it has no coverage limit.
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.