What to do if I had a personal loan involved in my bankruptcy case for which my car was collateral?

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What to do if I had a personal loan involved in my bankruptcy case for which my car was collateral?

My case was discharged 5 months ago and the loan company hasn’t claimed it. I know there’s a part of the law that handles this. Where can I find it?

Asked on June 4, 2013 under Bankruptcy Law, Oklahoma

Answers:

Anne Brady / Law Office of Anne Brady

Answered 9 years ago | Contributor

Bankruptcy laws vary by state and virtually all have exemptions for homesteads and one vehicle.  In Arizona, the vehicle exemption is $5,000.  In Oklahoma, it is $7,500.  So long as the value of your car does not exceed this, you can keep it and keep making payments on it.


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