Let’s Talk about Bankruptcy Exemptions a bit

Let’s Talk about Bankruptcy Exemptions a bit

What are the things you can keep the following filing for bankruptcy? To answer that question, you need to back it up a little bit to understand the basic definition of the term. Simply put, you refer to the assets and items you get to keep through the process of filing for bankruptcy as exemptions. Why are exemptions necessary? Well, you will need them as a means to get a chance to start all over again in Chapter 7 clean slate bankruptcy. Whenever new legislation is put in motion, bankruptcy exemptions follow through. As such, the rules may be different based on the state you reside at the moment. For example, if you live in the state of Oklahoma, you will be subjected to the law of Oklahoma bankruptcy exemptions. It may sound quite simple but what is making bankruptcy exemptions a rather complicated issue is the fact that the rules and regulations are made up of state and federal law. You will find it pretty challenging to find out how you can use those exemptions or even determine which one to use.

Federal Bankruptcy Exemptions

Federal bankruptcy exemptions cover a wide range of applications. You can choose to use them if you are currently living in a state that gives access to the federal exemptions and are qualified to file for bankruptcy. It is also available for those who aren’t allowed to use state exemptions because they do not qualify to file bankruptcy based on residency status. With some federal exemptions, you get to keep alimony/support payments, payments for personal injury, a car, musical instruments, furnishings, appliances, books, household items, jewelry, clothing, pets, disability payments, animals and crops, life insurance, supporting retirement plans, and your home equity.

Bankruptcy Exemptions in Oklahoma

So, what about bankruptcy exemptions in Oklahoma? If you are currently struggling with debt and are living in the state of Oklahoma, you would be glad to know that the state is pretty lenient regarding the number of exemptions it grants its residents. In fact, it is one of the most generous states in this regard across the country. Furthermore, the state offers much better exemptions, far better than what the federal exemptions can do for you. As an example, Oklahoma’s homestead exemption poses no such thing as a limitation on the value of the home in question, which is a different story when it comes to federal exemptions. However, you should contact your local attorney to talk about things and discuss this matter further. Oh, when you choose an attorney to assist you in filing bankruptcy, make sure said individual knows what they do. He or she must have good credentials and possess a commendable set of experiences dealing with such problems. See if you can talk with the attorney by phone so you know what you are getting into in detailed fashion and do not waste your time. Also, make it a point to talk about fees and costs involved in the procedure. You are in fact going bankrupt; there is no need to add more to the already full plate before you.