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Filing Bankruptcy in Oklahoma
Opt for bankruptcy under Oklahoma bankruptcy laws and get your debt relief today!
The bankruptcy laws in the United States are drafted to ensure that the interests of the borrower are safeguarded. The federal and the state governments have special guidelines, and debtors filing bankruptcy in Oklahoma have to stringently follow them to avail the bankruptcy exemptions benefits. In accordance to the Oklahoma bankruptcy law, each debtor filing for bankruptcy has at least two bankruptcy options - Oklahoma Chapter 7 bankruptcy, and Oklahoma Chapter 13 bankruptcy. The individual filing for bankruptcy has to choose which bankruptcy option is more favorable, since both the options have positive and negative aspects. It’s advisable to approach an experienced Oklahoma bankruptcy attorney and avail his or her legal services to decide upon which type of bankruptcy is suitable for you.
State exemptions in Oklahoma
Federal bankruptcy exemptions not available in Oklahoma.
Homestead
Property or a manufactured home - unlimited value. The property can’t exceed ¼ acre, claim of $5000 for 1 acre in the city, town or village, or a maximum of 160 acres elsewhere (Not mandatory to occupy homestead as long as you don’t buy another).
Wages
Total of 75% of all earned wages within 90 days before the bankruptcy filing. The bankruptcy judge can allow a greater percentage if you can show serious hardship.
Wild card
None available.
Automobiles
Motor vehicles up to $7,500.
Misc.
Alimony and child support. Property registered as a business partnership.
Oklahoma Bankruptcy Lawyer
Oklahoma bankruptcy attorneys provide many kinds of services as far as Oklahoma bankruptcy filings are concerned. Many lawyers provide bankruptcy related counseling as well as legal help only, while the majority of the attorneys represent their clients in the bankruptcy courts. The bottom line is to deal effectively with your financial debts by availing the protection offered by the bankruptcy statute, and Oklahoma bankruptcy lawyers are the best experts to help you achieve debt relief. So, it’s recommended you retain a bankruptcy lawyer in your area and get your debt relief today.
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