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After discussing options with a bankruptcy lawyer, Oklahoma exemption
options may seem low compared to the cost of living. Be aware however of
one singular option that distinguishes Oklahoma from all but five other
states. The amount of the state homestead exemption is unlimited by
value, and is only restricted by the number of included acres. This
rather unique aspect of state law, allows debtors to claim exempt real
estate up to the maximum federal preemption value cap (approximately
$125,000 in exempt property, attachments, improvements, and fixtures
permanently attached to real estate, along with associated legal rights
attached to ownership such as water, oil, gas, and other mineral
rights).
Although personal property items - household goods, vehicles, tools
and professional equipment are limited to almost poverty levels, the
homestead exemption alone creates ample opportunity for all state
residents to retain reasonable asset vale when filing Chapter 7
bankruptcy.
See also: Oklahoma Homestead Exemption.
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