Oklahoma Bankruptcy Exemptions

Continuing duty to supplement Oklahoma bankruptcy exemptions for later acquired property

In cases filed under Chapter 11, 12, and 13, exemptions are but one of several factors considered during the required review and approval process of assessing plans or reorganization. In Chapter 13 cases, the Oklahoma bankruptcy exemptions are used as a test for confirmation, along with verification that all assets are listed within the debtor's schedules. A particularly pesky problem in these consumer wage earner plans concerns after-acquired property, that is, real and personal property obtained after the date the petition was filed. If property was acquired after the petition, but before confirmation, or, if property was obtained after confirmation, the debtor must supplement schedules. In the event of subsequent property amendments, both the Oklahoma bankruptcy exemptions and confirmation again create legal issues and obligations.

Oklahoma exemption supplementation duty in Chapter 13

According to Rule 1007, Fed. Rules Bk. Proc., all new property obtained after the date the petition was filed must be disclosed to the court within 10 days from the date the debtor received title, or became aware of receiving equitable title, which ever occurs first. This duty to supplement because of later acquired property endures through the conclusion of the plan at which point remaining debts are discharged and the case closed. At any time while the plan remains open, creditors may object to confirmation id a debtor fails to fully disclose newly acquired property.