Anyone can experience sudden financial shocks. Usually without warning. It’s important to remember that events like these don’t discriminate. You cannot predict who will need to file bankruptcy. Bankruptcy can give you a fresh start by wiping out your debt and giving you a clean slate.
If you live alone or are the head of your household, losing your job can interfere with your ability to support yourself and your family. And, even if you’re not already struggling to make ends meet, losing your income can hamper your ability to pay your bills on time.
Divorce can have high emotional and financial costs. Whether you see it coming or not, the fact of having to split the property and – in most cases – paying attorney fees can put you in dire financial straits.
Unexpected medical bills make many people worry about their physical and financial health. In addition to making sure that you or your loved one get better, you are often responsible for the high costs of treatment.
Many people feel ashamed of bankruptcy because they don’t understand it. There are many stereotypes about what it is, what is involved, and whether or not it’s a good idea. Many people view bankruptcy as a setback, but it is an opportunity to bounce back.
Bankruptcy is specifically designed to help people bounce back from financial hardship. You shouldn’t be embarrassed by bankruptcy.
It is a misconception that bankruptcy is meant as a punishment. You will not lose all of your assets in bankruptcy because there is a bankruptcy exception.
This asset is called a bankruptcy exemption because it is released from confiscation.
What Assets You Can Save
Designed to allow you to store certain assets that the government says is a reasonable cost of living.
Generally, the types of assets that you can defend against when you go bankrupt include:
- Personal items and clothing
- Household furniture, food, and appliances in your permanent home
- The tools necessary for your job
- Motorized vehicles with a value to a certain extent, usually older vehicles qualify
certain agricultural properties.
It’s a little-known fact that many famous people get fresh starts after filing for bankruptcy. Not only did they bounce back, but many also went on to achieve great success because of new beginnings.
Abraham Lincoln filed for bankruptcy due to the failure of his small business. He went on to become the sixteenth president of the United States!
For interpretation of the rules in your case, it is highly recommended that you contact the oklahoma bankruptcy exemptions attorney to review your situation and determine which assets will be released if you file for bankruptcy. You need to be really clear about what you can keep if you go broke in Oklahoma, versus what you might lose.
There are also general exemptions for various assets such as proceeds from insurance policies and lawsuits and limited exceptions to civil servants such as government employees and veterans.
You need to carefully assess the number of assets you can protect through this exception before deciding which type of bankruptcy is best for your situation. It’s a good idea to consult an experienced bankruptcy attorney to navigate you through the process.