Oklahoma Bankruptcy Law
the Law Still ALlows Bankruptcy in Oklahoma
Yes, bankruptcy relief is still available in Oklahoma. In fact, Oklahoma has one of the country's most favorable laws for bankruptcy. Not only can Oklahomans still discharge medical bills, credit card debt, and other unsecured debts completely through a Chapter 7 bankruptcy, but they can also retain possession of their home, car, retirement account, personal injury settlement, and other assets through Oklahoma's favorable exemption laws.
Federal Bankruptcy Law
The majority of bankruptcy law is governed under the federal government's United States Code. The various bankruptcy types (chapter 7, chapter 11, chapter 13, et cetera) actually refer to different chapters in the United States Code. The federal bankruptcy code determines who qualifies for bankruptcy through means testing and other requirements, but each state also has its own laws regarding what property is exempt (you can keep) when an individual files for bankruptcy protection.
Oklahoma Bankruptcy Laws
The Oklahoma statutes in Title 31 provide the property that is exempt from collection in Oklahoma. These laws apply to those filing for bankruptcy and Oklahoma's exemption laws are more favorable than most states. That means you can have more property and keep it and still file for bankruptcy protection. For additional information on the property you can keep in Oklahoma, see the Oklahoma Exemptions page. For a free consultation regarding whether you presumptively qualify for bankruptcy and what property you can keep, call the Debt Line Law Office at 1 (888) Debt-Line or 1 (918) 878-0010.
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