The exemptions for personal property have been interpreted as follows by the Oklahoma bankruptcy laws.
Powered vehicles
According to the insolvency regulations, the insolvent debtor may claim exemptions for any number of motor vehicles. The positive aspect is that there are no restrictions on the number of motor vehicles, but the utmost amount is restricted to $3,000 only.
Clothing
Additionally, clothing has been designated as exempt personal property under Oklahoma's liquidation laws. However, the utmost amount that can be exempted under this category is only $4,000.
Livestock Exemptions
Exemptions for livestock have also been included. If you are a permanent resident of Oklahoma and have been declared insolvent, the Oklahoma court will allow you to exempt the following amount of livestock:
No more than one hundred poultry
Twenty lambs
These five animals can produce milk suitable for human consumption.
Ten hogs
In addition, a maximum of one hundred poultry are exempt from the new bankruptcy laws.
Bridles And Saddles
The bankruptcy laws of Oklahoma also permit you to exempt up to two bridles and two saddles.
Claims For Damage
If the debtor declared insolvent is eligible for workers' compensation, such as a claim for personal bodily injury, Oklahoma law allows the debtor to receive up to fifty thousand dollars in exemptions, but the total amount in this category cannot exceed this limit. Additionally, it is essential to note that these exemptions do not include claims for exemplary or punitive damages.
Other exempt personal property
In accordance with Oklahoma's bankruptcy laws, the exemptions for personal property include the following:
Food materials, furniture, and health aides may also be exempt, but only to the extent that they should last no longer than one year.
Under Oklahoma's personal property exemptions, family portraits and other similar photographs are also exempt from taxation.
Aside from that, you may also exempt books of any value.
Interestingly, the state liquidation regulations also permit you to exempt firearms as personal property.""
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