Whose exemption list applies in an Oklahoma bankruptcy?
Oklahoma's own statute, 31 O.S. § 1, for anyone who has lived in the state for the entire 730-day period before filing. That two-year residency rule locks long-time Oklahomans into the state scheme, so the Oklahoma dollar caps, not the federal ones, decide what an appraised asset means for the case.
How much vehicle equity is protected in Oklahoma?
Up to $7,500 per filer, or $15,000 for joint debtors, in one motor vehicle. Older materials still cite a $3,000 figure from prior versions of the statute, which is why relying on outdated summaries when scheduling a vehicle can misstate what is actually exempt.
Are household furnishings capped in an Oklahoma bankruptcy?
No. All household and kitchen furniture held primarily for personal, family, or household use is exempt without a stated dollar cap. Itemized caps apply instead to specific categories: wearing apparel to $4,000, wedding and anniversary rings to $3,000, guns to $2,000, and tools of the trade to $10,000.
When must collateral be valued in the Western District of Oklahoma?
In Chapter 12 cases, a motion to value under section 506 must be filed within 20 days after the section 341 meeting concludes, per General Order 24-05. The motion must describe the property, state the asserted value and its basis, and responses are due within 14 days. Miss the deadline and the value in the debtor's schedules controls for plan confirmation.