Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Oklahoma. This is known as “exempt property.” Exempt property is items that are protected from creditors and cannot be repossessed and sold to pay off debt. Some examples of exempt property include basic clothing, your home, household furnishings, tools of the trade, and some pensions. Oklahoma also allows for what is called “wildcard” exemptions. These allow individuals to exempt up to $1,500 in any type of property they own. This can include cash, jewelry, electronics, and other items. You can also exempt up to $7,500 in equity in a vehicle, as long as it is your only vehicle. This means that if the value of the vehicle is less than seven thousand and five hundred dollars, it counts as exempt property. It’s also important to note that any creditor that has a lien on the property in question can also claim it as exempt property. This means that if you have a loan for the car or a loan secured against your home, it still belongs to the lender. It’s important to check with an experienced bankruptcy lawyer in Oklahoma to make sure that you are claiming all the exempt property you are entitled to in your bankruptcy filing.

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Can I keep certain types of property when filing for bankruptcy?

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