If you’re considering filing bankruptcy in Tulsa or anywhere in Oklahoma, one of your first questions may be: Will I lose my house or car if I file bankruptcy?
For many Oklahoma residents, the answer is no.
Oklahoma bankruptcy exemptions can protect certain property when you file Chapter 7 or Chapter 13 bankruptcy. The amount and type of property you can protect depends on your circumstances, which is why talking with an experienced Tulsa bankruptcy attorney before filing can be important.
Can I Keep My House If I File Bankruptcy in Oklahoma?
Oklahoma has a strong homestead exemption that can protect a qualifying primary residence.
However, protecting your equity and keeping your mortgage are different issues. If you have a mortgage, whether you can keep your home may depend on whether you are current on the payments and whether you file Chapter 7 or Chapter 13 bankruptcy.
For homeowners who are behind on mortgage payments, Chapter 13 bankruptcy may provide a way to stop foreclosure and catch up past-due mortgage payments over time.
Can I Keep My Car in Chapter 7 Bankruptcy?
Filing Chapter 7 bankruptcy does not automatically mean surrendering your vehicle.
Your options can depend on:
- The value of the vehicle
- How much you owe
- Your equity in the vehicle
- Whether your payments are current
- Available Oklahoma bankruptcy exemptions
If you’re behind on your car payments, Chapter 13 may offer additional options.
Talk to a Tulsa Bankruptcy Lawyer Before You Transfer Property
One of the biggest mistakes people make before bankruptcy is transferring, selling or giving away property because they assume bankruptcy will take it.
Don’t transfer property without getting legal advice first.
An experienced Tulsa bankruptcy lawyer can review your home, vehicles and other assets before your case is filed and explain what Oklahoma bankruptcy law may allow you to protect.
Brown Law Firm helps individuals and families in Tulsa and throughout Oklahoma understand their Chapter 7 and Chapter 13 bankruptcy options. Contact us to discuss whether bankruptcy can eliminate your debts while protecting the property that matters most to you.
