Often, even people who want bankruptcy worry that if they present the bankruptcy court, they will demand both personal property and the house they live in. There is nothing wrong with the truth. These false beliefs make honest people to avoid bankruptcy and continue to live their lives with debts. The situation is that the Federal Bankruptcy Code allows you to keep many of your assets, including your home, using bankruptcy exceptions.
Exceptions are the provisions contained in federal and state bankruptcy laws. They point out that certain types of bankruptcy will be forced out of the bankruptcy process. Each state is allowed to choose what is and is not a means of relief. Deciding what to call you, first you need to find out what your case is about the state law. This may not necessarily mean that you are currently living in a State if you have recently moved. The federal law contains a provision for the definition of immunity for bankruptcy purposes. The court looks at the place where you lived the previous 180 days from your submission and enjoys the rules of the country where you lived the majority of the time. To describe your work on July 1. On February 2 of the same year you moved to Arkansas from Arkansas. You must stay in Oklahoma City for a maximum of 180 days. Consequently, Oklahoma City's bankruptcy rules apply to your business. But do you think that you were taken to May 12? In this case, only the state of Arkansas will be applicable. Should you apply the Law of the State, you must determine if you are restricted by the rules of bankruptcy of those countries or alternatively if you also have the right to use the Federal Rules. Some states, like Arkansas, allow debtors to choose between state rules and federal rules that may be beneficial depending on what kind of property you want to get rid of. Some countries, including Oklahoma, require only state regulations.
When you decide which rules apply to your business, you can find out which property is exempt from these rules. Oklahoma has a broad set of rules that cover common types of property. Some of the most common exceptions used in the bankruptcy of Oklahoma include:
1. Homestead: the debtor has the right to maintain its main flat, irrespective of the fact that it is built on the land plot, the debtor or the house being constructed.
2. Vehicle; A debtor (or a debtor, in case of joint bankruptcy) has the right to redeem his / her interests up to $ 7500 in a car. This is the carrier's debtor, so no matter what the value of the car is less than debt debt.
3. Household goods and furniture. Personal presentation can save household appliances, including but not limited to: kitchen utensils, small personal computer, bed, TV set, etc.
Guns. The debtor has the right to keep up to $ 2,000 worth of weapons, which are mainly used for personal, family or home protection or sports. Without the investment or non-personal, domestic or domestic use of rifles are not included.
5. Clothes: the clothes of the debtor and the family of the debtor are individually exempted.
6. Tools and Equipment. The debtor can store agricultural tools or trade or profession (for example, carpenter tools or mechanics tools) for up to $ 10,000.
7. Income, your wage is yours, free credit claims. A Calculation or Savings Account, which you pay for your billing account, is yours. Likewise, income tax credits are considered exempted assets.
8. Jewelry. Your wedding rings and lower cost suit jewelry, which exceed the value of $ 3000.
9. Pension savings: IRA or 401 (k) or other retirement savings deposits.
Oklahoma, some other types of property, which are also included in the above-mentioned common borders. Moreover, your state may have different rules from Oklahoma. For more information, consult your bankruptcy lawyer in your country.