Bankruptcy Tutor
In general, a debtor may claim exemption of his homestead and certain personal property from attachment or execution or forced sale for the payment of debts.
A debtor's homestead within any city or town, owned and occupied as a residence only, or used for both residential and business purposes, may consist of not exceeding one (1) acre of land, to be selected by the debtor. To qualify for this exemption, at least 75% of the total square foot area of the improvements for which a homestead exemption is claimed must be used as the debtor's principal residence. If more than 25% of the total square foot area of the improvements for which a homestead exemption is claimed is used for business purposes, the homestead exemption amount shall not exceed Five Thousand Dollars ($5,000.00). (31-2C.) The homestead of a debtor which is not within any city or town, annexed by a city or town on or after November 1, 1997, owned and occupied and used for both residential and commercial agricultural purposes, may consist of not more than one hundred sixty (160) acres of land, which may be in one or more parcels, to be selected by the debtor. (31-2B.)
Personal property which may be exempt, with or without value limitation, from attachment or execution, by the debtor or his dependent, may include:
all household and kitchen furniture held primarily for the personal, family or household use;
any lot or lots in a cemetery held for the purpose of sepulcher;
implements of husbandry necessary to farm the homestead, $5,000;
tools, apparatus and books used in any trade or profession, $5,000;
all books, portraits and pictures that are held primarily for the personal, family or household use;
wearing apparel not to exceed $4,000 in aggregate value;
professionally prescribed health aids;
5 milk cows and their calves under 6 months old; 100 chickens; 2 horses and 2 bridles and 2 saddles;
one motor vehicle not to exceed $3,000 in value;
one gun;
10 hogs, 20 head of sheep; all provisions and forage on hand, or growing for home consumption, and for the use of exempt stock for one (1) year;
75% of all current wages or earnings for personal or professional services earned during the last ninety (90) days, except as provided in Title 12 of the Oklahoma Statutes in garnishment proceedings for collection of child support; right to receive alimony, support, separate maintenance or child support payment to the extent reasonably necessary for the support of debtor and his dependent
qualified retirement plans;
interest in a claim for personal bodily injury, and
death or workers' compensation, for a net amount not to exceed $50,000, but not including any claim for exemplary or punitive damages. (31-1A)
A debtor's homestead within any city or town, owned and occupied as a residence only, or used for both residential and business purposes, may consist of not exceeding one (1) acre of land, to be selected by the debtor. To qualify for this exemption, at least 75% of the total square foot area of the improvements for which a homestead exemption is claimed must be used as the debtor's principal residence. If more than 25% of the total square foot area of the improvements for which a homestead exemption is claimed is used for business purposes, the homestead exemption amount shall not exceed Five Thousand Dollars ($5,000.00). (31-2C.) The homestead of a debtor which is not within any city or town, annexed by a city or town on or after November 1, 1997, owned and occupied and used for both residential and commercial agricultural purposes, may consist of not more than one hundred sixty (160) acres of land, which may be in one or more parcels, to be selected by the debtor. (31-2B.)
Personal property which may be exempt, with or without value limitation, from attachment or execution, by the debtor or his dependent, may include:
all household and kitchen furniture held primarily for the personal, family or household use;
any lot or lots in a cemetery held for the purpose of sepulcher;
implements of husbandry necessary to farm the homestead, $5,000;
tools, apparatus and books used in any trade or profession, $5,000;
all books, portraits and pictures that are held primarily for the personal, family or household use;
wearing apparel not to exceed $4,000 in aggregate value;
professionally prescribed health aids;
5 milk cows and their calves under 6 months old; 100 chickens; 2 horses and 2 bridles and 2 saddles;
one motor vehicle not to exceed $3,000 in value;
one gun;
10 hogs, 20 head of sheep; all provisions and forage on hand, or growing for home consumption, and for the use of exempt stock for one (1) year;
75% of all current wages or earnings for personal or professional services earned during the last ninety (90) days, except as provided in Title 12 of the Oklahoma Statutes in garnishment proceedings for collection of child support; right to receive alimony, support, separate maintenance or child support payment to the extent reasonably necessary for the support of debtor and his dependent
qualified retirement plans;
interest in a claim for personal bodily injury, and
death or workers' compensation, for a net amount not to exceed $50,000, but not including any claim for exemplary or punitive damages. (31-1A)
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