Oklahoma, Statutes of limitations on debt and exemptions for garnishment and bankruptcy

Oklahoma STATE LAW

WAGE GARNISHMENT EXEMPTION:

MAXIMUM INTEREST RATE:

– Legal: 6%
– Judgment: 4% over U.S. Treasury Bill Rate

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit card): 3 years
– Written Contract: 5 years
– Domestic Judgment: 5 years (renewable)
– Foreign Judgment: 3 years

BAD CHECK LAW DAMAGES:

– None

tape recording

– One party state

BANKRUPTCY PROPERTY EXEMPTIONS:
(Oklahoma Statutes Annotated)

– Cannot use federal exemptions, but can claim the federal non–bankruptcy exemptions
– The State of Oklahoma exempted property and income listed below from seizure by the bankruptcy court to pay creditors:

Real Property:

– Real property or mobile home, unlimited value up to 1/4 acre, otherwise up to $5,000 for up to one acre in city or town and up to 160 acres elsewhere [31–1(A)(1) and (2) and 31–2]

Personal Property:

– Books, one firearm, pictures and portraits, unlimited amount [31–1(A)(7) and (14)]
– Clothing up to $4,000 [31–1(A)(8)]
– Motor vehicle up to $3,000 [31–1(A)(13)]
– Enough food to last one year [31–1(A)(17)]
– Furniture, unlimited amount [31–1–(A)(3)]
– Health aids, unlimited amount [31–1–(A)(9)]
– Farm implements, tools, books and business equipment up to $5,000 total [31–1(A)(5) and (6) and 31–1(C)]
– Two bridles and two saddles [31–1(A)(12)]
– Burial plots, unlimited amount [31–1(A)(4)]
– 100 chickens, five diary cows and calves under six months, ten hogs, two horses, 20 sheep and feed to last one year [31–1(A)(10), (11), (15), (16), (17)]
– Personal injury and wrongful death recoveries (not punitive damages) up to $50,000 total [31–1(A)(21)]

Insurance / Annuities:

– Prepaid funeral benefits in trust, unlimited amount [36–6125]
– Group life insurance policy or proceeds, unlimited amount [36–3632]
– Limited stock insurance benefits, unlimited amount [36–2510]
– Mutual benefits, unlimited amount [36–2410], fraternal society benefits, unlimited amount [36–2718.1]

Pensions / Retirement Plans:

– Retirement benefits, unlimited amount [31–1(A)(20)]
– County employees, unlimited amount [19–959]
– Public employees, unlimited amount [74–923]
– Firefighters, unlimited amount [11–49–126]
– Disabled veterans, unlimited amount [31–7]
– Law enforcement policies, unlimited amount [47–2–303.3]
– Police officers, unlimited amount [11–50–124]
– Tax exempt benefits, unlimited amount [60–328]

Public Benefits / Entitlements:

– Unemployment compensation, unlimited amount [40–2–303]
– Workers' compensation, unlimited amount [85–48]
– Aid to aged, blind, disabled and families with dependent children, unlimited amount [56–173]
– Crime victim's compensation, unlimited amount [21–142–13]
– Social security, unlimited amount [56–173]

Wages:

– 75% of wages earned 90 days before filing for bankruptcy [12–1171.1 and 31–1(A)(18)]

Miscellaneous:

– Alimony and child support, unlimited amount [31–1(A)(19)]