Can I keep my home when filing for bankruptcy?

Yes, you can keep your home when filing for bankruptcy in Oklahoma. Generally speaking, you can exempt up to $7,500 of your home’s equity from being liquidated when filing for bankruptcy in the state. That means that if you have a home with an equity of $7,500 or less, you can keep it. Home equity is the difference between your home’s market value and the amount you owe on it. In addition, Oklahoma provides an additional Homestead Exemption for people filing for bankruptcy. This additional exemption allows you to keep up to $150,000 of your home’s equity from being liquidated. To qualify, you must have owned the home for at least 40 months prior to filing for bankruptcy. It is important to remember that not all debts are erased when filing for bankruptcy in Oklahoma. If you owe money on your home, you will still need to pay off those debts in order to keep it. Additionally, if the value of your home has decreased since you purchased it, you will not benefit from the additional Homestead Exemption. By understanding the Homestead Exemption laws in Oklahoma, you can determine if you are eligible to keep your home when filing for bankruptcy.

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Can I keep my home when filing for bankruptcy?

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