Can I keep my car when filing for bankruptcy?

Yes, you can keep your car when filing for bankruptcy in Oklahoma. Generally, if you have a car loan or you own a car outright, you can protect the car under Oklahoma’s bankruptcy exemptions. The state of Oklahoma allows up to $4,400 for a single person filing for bankruptcy or up to $6,400 for a joint filing. These amounts are per person, meaning you can exempt up to $4,400 of equity in your car if you file for bankruptcy as a single person, or up to $6,400 if you file jointly with your spouse. However, some lenders may require you to reaffirm your loan to keep the car. This means that you will continue to pay back the loan as if you did not file for bankruptcy. Additionally, some lenders may require you to purchase a Debt Cancellation Agreement, a type of insurance that will pay off your loan in full or in part if you become disabled or die. When filing for bankruptcy, it is important to talk to an experienced attorney who can help you understand and protect your rights. Bankruptcy laws can vary from state to state, so it is important to consult with a knowledgeable professional who can provide legal advice specific to your situation.

Related FAQs

What is a reaffirmation agreement?
How do I fill out the bankruptcy forms?
Can I file for bankruptcy to stop creditor harassment?
What is bankruptcy?
What types of debt can be discharged through bankruptcy?
What are the restrictions for filing for bankruptcy?
What will happen to my co-signers if I file for bankruptcy?
What are the differences between filing for Chapter 7 and Chapter 13 bankruptcy?
How can I find a qualified bankruptcy attorney?
What is the difference between a bankruptcy trustee and a bankruptcy lawyer?

Can I keep my car when filing for bankruptcy?

Related FAQs

Related Blog Posts