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Oklahoma Bankruptcy Laws

The residents of Oklahoma are not any special not to expect becoming too broke to continue servicing the debts. This is why the State of Oklahoma has bankruptcy laws that protect the assets of its citizens whenever cornered by creditors. These laws do not just protect the debt, but they also improve the ability of a creditor to pay back the debts. They are based on the Federal bankruptcy laws. The Federal government is mandated by the constitution of USA to make such laws that would be uniform and applicable in all States including Oklahoma.


Bankruptcy Exemptions for Oklahoma

There are exemptions to the assets that a creditor can confiscate and sell to recover the debt. These are provided for in the Oklahoma bankruptcy laws chapter 7 through to chapter 13. The exemptions of the law of Oklahoma are quite unique, perhaps recognizing that there are farmlands in this State. Therefore the homestead is protected asset even if you do not live in it. This is applicable to any real property or even manufactured houses to an unlimited value. Any property of ¼ acre cannot be claimed by creditor. The claim on land is to a maximum of $5,000 portion on an acre of land. Other exemptions include those of insurance including stocks insurance and funeral benefits that have been prepaid and placed in a trust.


Chapter 7 Bankruptcy Law for Oklahoma

Chapter 7 bankruptcy laws in Oklahoma provide for the process of liquidating the assets of a debtor. The only limitations are the exemptions stated above.

 

Chapter 13 Bankruptcy Law for Oklahoma

Chapter13 bankruptcy laws are different from the liquidation of assets owned by debtor because it provides an arrangement where the debtor retains all assets but has a plan to repay all the debts within 5 year window period. Because of the negative effect on credit rating on an individual filling bankruptcy, there is always less motivation to apply these laws.

 

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