What Can I Keep With a Chapter 13 Bankruptcy in Oklahoma?
No one looks forward to filing for bankruptcy but in some circumstances, it is the best choice. Filing for Chapter 13 bankruptcy in Oklahoma does permit its own exemptions as they opted out of federal exemptions. The items that prove to be exemptions may be kept as you file for Chapter 13 bankruptcy in Oklahoma.
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Home
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According to the Oklahoma Bar Association, a home and its land within village, town or city limits sitting on up to one acre of land is an exempt asset from Chapter 13 bankruptcy. Other homes that qualify as exempt assets include a rural home and its land outside city, town or village limits on up to 160 acres. Mobile homes used as the primary residence of the debtor in Chapter 13 also qualifies as a homestead exemption.
Personal Items
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A variety of personal items are considered exempt assets for Chapter 13 filers in Oklahoma. Tools used for trade or industry, up to $5,000 in value, may be retained. Clothing and jewelry totaling less than $4,000 are exempt as well as all household furniture used in the primary residence for family or personal use including kitchen appliances, antiques and inherited items. Even vehicles with less than $3,000 invested in the vehicle may be retained by the debtor through Chapter 13 bankruptcy.
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Retirement
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Particular types of pension plans and retirement investments may be considered exempt if you can prove that pre-tax dollars were used to finance the investments. It is best to consult a bankruptcy attorney for the specifications of these types of investments. The attorney can best discover what proof must be provided and how to file these exemptions as the paperwork can be specific, tedious and long.
Considerations
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It is worth noting that all of these exemptions are per person filing Chapter 13 bankruptcy in the state of Oklahoma. If a married couple individually file for Chapter 13 bankruptcy, these exemptions would apply to the individuals and not as a cumulative exemption. The only possible exceptions are assets in which both names are applied, such as mortgages, car loans or other such secured loans.
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