The law allows debtors to keep or “exempt” certain assets; this is an “exemption” and such property is called an “exempt asset,” which means that it is protected from distribution to your creditors. Exemptions are defined by Oklahoma state laws. Examples of exempt assets may include: vehicles up to a certain value, a certain amount of equity in a home, and tools of your trade. Debtors are required to list the items they claim as exempt on Schedule C (Official Bankruptcy Form B106C).
Deciding which assets are exempt can be one of the more important and complex parts of your bankruptcy case. The failure to properly claim an exemption may result in the loss of your right to claim the exemption. It is extremely important to consult an attorney if you have any questions.
Oklahoma State exemptions can be found in the Oklahoma Statutes at the following link: