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Effective as of April 25, 2005, the Oklahoma Homestead Exemption Act
application in Chapter 7 bankruptcy cases was preempted by federal law.
Even though Oklahoma homestead exemption laws clearly allow for
unlimited homestead value - restricted only by acreage - a new federal
homestead cap in the amount of $125,000 prevents the application of long
standing state law. This new federal bankruptcy rule was contained in
the Abuse Prevention Act which supplants state authority over local real
estate jurisdiction and regulation. State residents may however still
use the Oklahoma homestead exemption form to formally declare a specific
tract of rural acreage as exempt.
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