Running Your Business

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Oklahoma Asset Protection Laws

Filed under Running A Business.

These assets are exempted from a state court or bankruptcy proceeding in Oklahoma.

Homestead: Real property or manufactured home to unlimited value up to 1 acre in city, town or village, or 160 acres elsewhere. If more than 25% of property is used for business, up to $10,000 on 1 acre in city, town or village, or 160 acres elsewhere.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for law enforcement employees, public employees, teachers, county employees and disabled veterans. IRA exemptions for conventional, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Fraternal society benefits. Funeral benefits. Group term life insurance. Limited stock insurance benefits.

Personal Property: Books. Portraits. Pictures. Burial plots. Clothing up to $4,000. Furniture. Motor vehicle up to $7,500. Claim for personal bodily injury and workers' compensation recoveries up to $50,000, exclusive of claims for punitive damages.

Tools of Trade: Tools and implements up to $5,000, if used in business or trade of debtor or dependent.

Miscellaneous: Business partnership property. Alimony. Child support.

Wages: Exempt to the extent of 75% of wages earned during 90 days prior to filing, except for support claims. Judge can increase amount available except in support cases on showing of hardship.

Public Benefits: Unemployment compensation. Workers' compensation. Social Security. AFDC. Crime victim's compensation.

Wild Card: None.

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