Legal Question in Bankruptcy in Oklahoma

Do I Lose My One Assest

My friend is considering bankruptcy. She wants to file on her credit card debt. The only assest she has is a car. It has a debt against it, but her ex-husband is responsible for it through divorce decree. Would she lose car if she filed for bankruptcy and can she file just on her credit card debt? She has no other debt, but is having hard time making ends meet each month.


Asked on 4/21/03, 11:38 pm

1 Answer from Attorneys
Herb Southern The Southern Law Firm

Re: Do I Lose My One Assest

The proper procedure is that she would file on everything and then pull out the car and "reaffirm" the debt, and life goes on. She must be current on payments to reaffirm.

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Answered on 4/22/03, 11:27 am


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