Types of State Exemptions for Oklahoma Chapter 7 Bankruptcy
Chapter 7 is the most common type of bankruptcy filed, and can be used to stop repossession, foreclosure and harrassing creditor phone calls. Also called “liquidation,” Chapter 7 bankruptcy may eliminate most to all unsecured debts, which is debt that isn’t tied to property like a car or house. Unsecured debt may come from personal loans, medical bills or credit cards. This type of debt is eliminated if you are eligible for Chapter 7 bankruptcy under Oklahoma law, at which point your secured debts may be handled by a liquidation sale. If your property is protected by Oklahoma bankruptcy state exemptions however, then it won’t be sold. Examples of Chapter 7 exemptions include:
- Homestead – Your principal residence, including a manufactured home
- Automobiles – One motor vehicle worth up to $7,500
- Wages – 75% of weekly earnings earned in 90 days
- All cemetery lots
- Up to $2,000 worth of guns
- All farm animals
- Up to $4,000 worth of clothing
- 100% of household and kitchen furniture
- Up to $10,000 worth of farming tools
- All professionally-prescribed health aids
- All books, portraits and pictures
Contact an OK Bankruptcy Attorney Today
Filing bankruptcy is often linked to negative emotions like embarrassment, anxiety and possibly even depression. However, the outcome of filing Chapter 7 bankruptcy in Oklahoma can be positive, helping you rid yourself of a mountain of unpaid debt. Regardless of the circumstances under which you file bankruptcy in Oklahoma, an Oklahoma bankruptcy attorney can help you navigate the sometimes difficult process. Finally getting your financial life under control isn’t easy. With the help of a qualified Oklahoma bankruptcy lawyer, you can protect your legal rights and finally get back on your feet.