Oklahoma Bankruptcy HelpIn Tulsa Chapter 7, What Types of Assets Can You Lose?

Tulsa Chapter 7In a Tulsa Chapter 7 case, you risk losing some of your assets. However, do not believe the horror stories people tell of losing everything from the clothes in their closet to the family pets. Read on to learn the truth about what types of assets you can keep through Oklahoma bankruptcy exemptions.

Retirement Accounts

Retirement accounts and Oklahoma bankruptcy exemptions are a complicated area of the law; a qualified Tulsa bankruptcy attorney is your best bet for advice. However, here are a few general rules of thumb.

If you are a public employee, you cannot lose your retirement account(s) in Tulsa Chapter 7. Okla. Stat. tit. 74 § 923

Also, all ERISA qualified plans, IRAs, Roth IRAs, Education IRAs, and Keoghs are exempt. If you have a college savings account for your child’s future, that also cannot be impacted by your need to file bankruptcy.

Many times, your pension, 401(k), and other tax-exempt monetary vehicles such as trusts, custodial accounts, insurance contracts, and annuities are safe.

However, QDROs (Qualified Domestic Relations Orders) of benefits are not treated the same way. Therefore, you need an attorney’s help if a QDRO is involved in your bankruptcy or the bankruptcy of your ex-spouse.

Tulsa Chapter 7 and Your Car

You can exempt up to $7,500 of value on your motor vehicle in an Oklahoma bankruptcy.

Your Home and Tulsa Chapter 7

Many people hesitate to file Tulsa Chapter 7 or Chapter 13 due to fear of losing their home. Here, Oklahoma bankruptcy exemptions protect most people. Here are the guidelines.

Your principal residence is protected; this includes manufactured and mobile homes. In towns and cities, one acre of land for your home is also protected. In rural areas, you may keep up to 160 acres of residential land. Okla. Stat. tit. 31 § 1

Unfortunately, if you own a second home or business property, you have a higher risk of losing some or all of its value. This could also apply if you use part of your primary residence for business purposes. Therefore, our Tulsa bankruptcy lawyers will talk to you free of charge to address your concerns in this area. Call 918-786-9600 today.

Personal Property

In almost all cases, personal property held within a home is exempt regardless of your bankruptcy status. These items may include, but are not limited to, the following:

  • a computer;
  • furniture;
  • books;
  • food;
  • clothing; and
  • wedding rings worth no more than $3,000 total.

How We Can Help You

Our mission at Financial Freedom Bankruptcy Lawyers of Tulsa is to provide you the information and legal representation you need to climb out of debt and get back onto solid financial ground.

And with a discharge of your debt, you can often rebuild your credit rating much more quickly. When your debt exceeds your earnings and the value of disposable assets, it is time to consider how you could benefit from bankruptcy.

Every person’s financial situation is unique. So, while bankruptcy tools are standardized, an experienced attorney can help guide you through the process so that you get the best possible debt relief for you.

Likewise, your Tulsa bankruptcy attorney can help you retain the assets that are important to you. You have worked hard for your home. You don’t want to lose it to debt.

Bankruptcy law and its forms are complicated, and mistakes will cost you. It is important to get the forms right the first time.

Your attorney can help you understand the process and what debts you will likely be required to pay, which debts are secured with collateral, and what property is exempt.

Because we have worked with so many clients, we know how to do the filings right and how to make the process efficient. Our goal is to make affordable debt relief in Tulsa available to anyone who needs to get out from under debt and back on top of their financial life.

Get out from under by calling for the help you need today. We are here to help.

Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer

To get the best possible outcome in your case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.

To receive your free initial bankruptcy analysis, call Financial Freedom Bankruptcy Lawyers of Tulsa today at 918-786-9600.

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