Oklahoma City, OK asked in Bankruptcy for Oklahoma

Q: Oklahoma shows unlimited exemption for home so as long as I exempt my home should be ok correct.

The Oklahoma homestead exemption amount is unlimited – you can exempt the full value of your home. However, there are limitations as to the acreage of your property. You can only exempt up to 1 acre if you live in a city, town or village. You can only exempt up to 160 acres if you live elsewhere.

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2 Lawyer Answers

Timothy Denison

  • Bankruptcy Lawyer
  • Louisville, KY

A: Theoretically yes. You should consult a local attorney to advise on the other aspects of filing bankruptcy, however.

Todd Laster agrees with this answer

Todd Laster

  • Bankruptcy Lawyer
  • Tulsa, OK
  • Licensed in Oklahoma

A: Oklahoma does have an unlimited homestead exemption up to one acre inside city limits. However, you must live in Oklahoma for a minimum time frame before filing for bankruptcy in order to qualify for Oklahoma's exemptions. How a house is paid for and fraudulent transfer issues can also have a bearing on its exempt nature. It is best to get representation from an experienced bankruptcy attorney.

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