Bankruptcy can help you achieve a fresh financial start, but in exchange for that fresh start the law limits the kinds of things you can keep. For example, you can’t wipe out all of your debt but keep a Ferrari and two summer homes. While that sounds ridiculous and well beyond the situation of our clients, it does illustrate that there are limits. Below is a list of some (but not all) of the things you can protect from creditors in an Oklahoma Chapter 7 bankruptcy. It is important to remember that you can effectively double this list when filing jointly with your spouse.
- Your home.
- All of your household goods and furnishings.
- Your cemetery plots.
- Up to $4,000 worth of clothing.
- Wedding rings up to $3,000.
- Prescribed health aids.
- One motor vehicle with equity up to $7,500.
- Household books, portraits and pictures.
- Up to $2,000 worth of firearms.
- Your right to receive alimony, support, separate maintenance, or child support payments.
- Earned Income Credits (EIC).
- Retirement accounts like a 401K or Roth IRA.
- Oklahoma College Savings Plan accounts.
If you are self employed, you can also exempt up to $10,000 worth of tools of the trade. If you have assets substantially in excess of this list, then you may be a better fit for Chapter 13 bankruptcy compared to Chapter 7 bankruptcy.
Bankruptcy proceedings can be very challenging and emotionally draining. At Sansone Howell, we are here to help ease your pain. Give us a call, or stop by, so we can discuss your exemption rights.