Statutory Oklahoma Homestead Exemption Values

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.