I am in Oklahoma... will be filing for divorce in the next 5 months, after THAT is over, will most likely be filing bankruptcy.
I have been reading, but still am confused. I currently have a 2005 car that has payments still. I am HOPING to get enough out of the house equity at the divorce to pay this car off in full or close to it. The car is currently blue-book valued at $18000, owe just over $16,000 at the moment. Give it another year before I file bk, the car value will be a touch lower.
Here in OK there is a vehicle exemption of $7500. What would this mean to me? IF the car was paid in full OR almost paid in full? I will be VERY poor after the divorce as a fulltime college student/parttime worker raising a grandchild and receiving state aid. I will have no other assets and will most likely be well below the poverty level for 2 people.
Will I be forced to sell the car? It will be the only nice thing I have..... PS: Car is in husbands name only right now. Was a gift 2 yrs ago from him. Not 100% sure I will even get it in the divorce.
![cry](https://www.bkforum.com/core/images/smilies/cray.gif)
Thanks!!
I have been reading, but still am confused. I currently have a 2005 car that has payments still. I am HOPING to get enough out of the house equity at the divorce to pay this car off in full or close to it. The car is currently blue-book valued at $18000, owe just over $16,000 at the moment. Give it another year before I file bk, the car value will be a touch lower.
Here in OK there is a vehicle exemption of $7500. What would this mean to me? IF the car was paid in full OR almost paid in full? I will be VERY poor after the divorce as a fulltime college student/parttime worker raising a grandchild and receiving state aid. I will have no other assets and will most likely be well below the poverty level for 2 people.
Will I be forced to sell the car? It will be the only nice thing I have..... PS: Car is in husbands name only right now. Was a gift 2 yrs ago from him. Not 100% sure I will even get it in the divorce.
![cry](https://www.bkforum.com/core/images/smilies/cray.gif)
Thanks!!
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