The Bankruptcy Code:
Bankruptcy law is under the jurisdiction of title 11 of the Federal Bankruptcy Code. Although federal law applies each state in the United States is allowed to apply or not apply certain bankruptcy exemptions. An Exemption is what each person filing their bankruptcy case is allowed to keep regardless of filing either a chapter 7 or chapter 13 bankruptcy. An example of this is the homestead exemption in bankruptcy. Each state will allow either a set amount or the whole amount as an exempt asset. This exemption is different from state to state. I have seen some states that only allow the homestead exemption up to 30 thousand while other states, like Oklahoma, will exempt the whole amount. By exempting the whole amount of the home you keep it regardless of the bankruptcy filing. In Oklahoma, if you owe money on the home you will be allowed to reaffirm the debt continue making payments and keep your house.
The same is true for the states exemptions and other personal property you own. On the whole I think Oklahoma has some of the best exemptions in the United States. If you have lived in Oklahoma for 6 months you can file a bankruptcy case. If you have lived in Oklahoma for 2 years all of the bankruptcy exemptions found in our state will apply to your bankruptcy in Oklahoma
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