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  1. #1
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    Default What Property Can a Judgment Creditor Take

    My question involves judgment recovery in the State of:Oklahoma

    ok i worried and i dont know what they can take see i have no job and very sick due to this i am trying get social security disability and this time i being supported by my mother as I live with her as well. I do not owe my home as i am renting it as for my car its in both my and my mothers name because she need to use it get a loan help with my medical bills. and as for personal property what can they take i dont owe much and can they take my car even though there a lien on it and its in my and another partys name?

    and on personal property is there any thing that can be exempt and can a car be exempt too


    i have zero income but i trying work with these people but they keep telling me that they take my car and everything i owe


    which brings another question how will they know whats in my house that is mine or my mothers like i said i dont owe much any more and i cant believe any one want take my pc which one my few personal items i still owe

  2. #2
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    Default Re: Collection on a Judgement in Oklahoma on Car or Personal Property

    The threats are to scare you into paying.

    The reality is that they first have to sue you and get a judgment before they can take anything.

    The only exception to that is a car that is security for a loan. The car can be repossessed if you don't make the car loan payments regardless of who you co-own it with.

    So the question is: Is it the loan on that car that you're not paying or does the debt have nothing to do with the car.

    You wrote that your mother had to use the car to get a loan so more details are needed.

    Meantime, if you are sued and they get a judgment, Oklahoma has a variety of personal property exemptions which is why creditors rarely go after personal property.

    You can see the exemptions at:

    http://www.thebankruptcysite.org/exe.../oklahoma.html

    The bankruptcy exemptions are the same for judgments.

  3. #3
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    Default Re: Collection on a Judgement in Oklahoma on Car or Personal Property

    the loan i worried about is a signature loan the car is not part that loan

    the loan my mother took out is also a signature loan and she used the car as collateral to help get that loan and she isnt behind on her loan in fact she almost paid it off but it not my loan at all oi the one in trouble not her i just making sure they cant just take it i didnt use the car as collateral get mione loan the one i worried about in fact i didnt use anything for collateral it was just plain signature loan

  4. #4
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    Default Re: Collection on a Judgement in Oklahoma on Car or Personal Property

    Quote Quoting mariw
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    the loan my mother took out is also a signature loan and she used the car as collateral to help get that loan and she isnt behind on her loan in fact she almost paid it off but it not my loan at all oi the one in trouble not her i just making sure they cant just take it
    If she used the car as collateral then it wasn't just a signature loan it was a secured loan with the car as security.

    Did her lender record a lien on the title?

    If yes, your creditor would have a tougher time taking the car because there would be the $7500 exemption plus the loan balance.

    If no, the creditor would just have to deal with the $7500 exemption.

    Obviously, if the car was only worth $7500, the creditor would not attach it because there would be no money in it for the creditor and creditors don't spend money on enforcing judgments if there is no return.

    Also keep in mind that the car might have a market value but the creditor has to sell it at auction which is a great deal less than market value.

    Basically, the car would probably have to be potentially worth (at auction value) a few thousand above the exemption (or the exemption plus lien) for it to be worth the creditor's time and money to go after.

    Quote Quoting mariw
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    the loan i worried about is a signature loan the car is not part that loan

    i didnt use the car as collateral get mione loan the one i worried about in fact i didnt use anything for collateral it was just plain signature loan
    Then your creditor would have to sue and get a judgment. Once the creditor got a judgment the creditor CAN take the car if the car has enough value to be worth taking.

    How much is the car worth (blue book)?

  5. #5
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    Default Re: Collection on a Judgement in Oklahoma on Car or Personal Property

    the car only worth $2,995.00 according to blue book and plus the car, its not in the best shape so maybe less then that

  6. #6
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    Default Re: Collection on a Judgement in Oklahoma on Car or Personal Property

    Quote Quoting mariw
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    the car only worth $2,995.00 according to blue book and plus the car, its not in the best shape so maybe less then that
    Then stop worrying about the car. It's exempt.

  7. #7
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    Default Re: Collection on a Judgement in Oklahoma on Car or Personal Property

    thank you thats is a big worry off my mind

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