Properties Exemptions Under The Oklahoma Bankruptcy Laws

As per the Oklahoma bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Oklahoma bankruptcy district courts.

•The Homestead Exemptions include real property or manufactured home for up to an unlimited value. However, the restriction has been imposed in terms of the area. You are not allowed to exempt homestead properties more than one acre in town or city and 160 acres of properties located out of town.
•As per the Oklahoma bankruptcy laws, the Insurance exemptions include limited stock insurance benefits, group life policy or proceeds, funeral benefits prepaid and placed in trust, fraternal benefit society benefits, and assessment or mutual benefits.
•Personal properties exemptions have been interpreted by the Oklahoma bankruptcy laws as follows.
◦Motor vehicle can be exempted for up to three thousand dollars.
◦The maximum exemptible amount of clothing is four thousand dollars in value.
◦The personal declared as bankrupt is allowed to keep two bridles and two saddles.
•Pension funds are also allowed for exemption under the Oklahoma bankruptcy laws, but only the following individuals are eligible for such exemptions.
◦Teachers
◦Public employees
◦Police officers
◦Law enforcement employees
◦Firefighters
◦Disabled veterans
◦County employees
•The pension exemptions mainly include ERISA-qualified benefits and Tax-exempt benefits.
•Tools of trade include apparatus, books, tools, and homestead and the maximum amount exemptible under this section is five thousand dollars in total.
•Wild Card exemptions are not allowed as per the Oklahoma bankruptcy laws.

Properties Exemptions Under The Nebraska Bankruptcy Laws

As per the Nebraska bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Nebraska bankruptcy district courts.

•Homestead Exemptions are allowed up to 12500 dollars in value. Note that the exempted homestead properties cannot be more than two lots in a town. However, if the homestead properties are located elsewhere, you are allowed to exempt up to 160 acres of the same.
•Insurance Exemptions include fraternal benefit society benefits, but only up to ten thousand dollars in value.
•The value exempted for Life insurance or annuity contract proceeds is also ten thousand dollars as per the Nebraska bankruptcy laws.
•Pension funds are also exempted under the Nebraska bankruptcy laws, but only following individuals are eligible for such exemptions.
◦State employees
◦School employees
◦County employees
•Military disability benefits are also considered under pension exemptions, but only up to two thousand dollars.
•Under the personal properties exemptions, the Nebraska bankruptcy laws have specifically mentioned Furniture & kitchen utensils, which are exemptible up to the amount of fifteen hundred dollars.
•Exemptible public benefits include Unemployment compensation, Workers’ compensation, disability compensation etc.
•Tools of trade exemptions include Equipment or tools up to fifteen hundred dollars in value. If you are a married couple, you will be allowed to exempt up to three thousand dollars in this regard.
•Wild Card exemptions include any personal property up to 2500 dollars in value in lieu of homestead. However, the personal properties here do not include wages of any kind.