Hi folks! New here (clearly). Wife and I are looking to file in a few months and I am wondering about motor vehicle exemptions in a joint filing.
We are located in Oklahoma which does not allow use of Federal exemptions. The statute reads, "...interest in one motor vehicle up to $7,500".
It is my understanding that, at least in some states, married couples filing jointly can effectively take double the exemptions. For example, if the rules allow one motor vehicle, each spouse can exempt one vehicle. Is that correct? Or would the couple collectively be allowed to exempt only one vehicle between them? If it is correct, does anyone know if it would be allowed in Oklahoma?
We have one 2001 vehicle about to be paid off and a 2008 vehicle with 3 years left on the loan. We have less than $7,500 equity in each, so we would like to keep both and reaffirm the loan on the newer car.
We're meeting with an attorney on Wednesday, but my curiosity is getting the better of me. If you happen to know I'd be much obliged.
We are located in Oklahoma which does not allow use of Federal exemptions. The statute reads, "...interest in one motor vehicle up to $7,500".
It is my understanding that, at least in some states, married couples filing jointly can effectively take double the exemptions. For example, if the rules allow one motor vehicle, each spouse can exempt one vehicle. Is that correct? Or would the couple collectively be allowed to exempt only one vehicle between them? If it is correct, does anyone know if it would be allowed in Oklahoma?
We have one 2001 vehicle about to be paid off and a 2008 vehicle with 3 years left on the loan. We have less than $7,500 equity in each, so we would like to keep both and reaffirm the loan on the newer car.
We're meeting with an attorney on Wednesday, but my curiosity is getting the better of me. If you happen to know I'd be much obliged.
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