Site Menu...

Home

Personal Bankruptcy

Foreclosure

Filing an Oregon Bankruptcy

About My Practice

Contact Brian Wheeler

Schedule Appointment Online

Site Map

Your property in a bankruptcy case and how Oregon Exemption Laws protect it.

Quick Answers...

What does it cost?
Don't do these things.
Will I lose my property?
Common Bankruptcy Myths
What are my alternatives?
What happens after bankruptcy?
Frequent Bankruptcy Questions

If I file an Oregon Bankruptcy will I lose my

property and what are exemptions?

Most people that file for bankruptcy are able to keep most if not all of their personal and real property. Why? Because of state and federal exemption laws. Exemptions are state or federal laws that protect your property from creditors and bankruptcy trustees. Oregon has opted out of the federal bankruptcy exemptions, so residents of Oregon must use Oregon State exemption laws in most cases.

Most people that I have represented in Oregon have been able to fully exempt most if not all of their personal and real property. This means they did not lose anything in their bankruptcy case. The three biggest trouble areas are usually tax refunds and cars and homes that have too much equity. Below is a list of many of the Oregon exemption laws. If you have not lived in Oregon for at least 2 years, other state or the federal exemption laws may apply. Upon retaining me, one of the services provided to you will be an analysis of the proper exemptions to use.

Even if your property is worth more than the amounts listed below, or if you have more equity that is listed below, all may not be lost. One must also factor in the costs of sale by a trustee and the trustee's commissions to fully evaluate exemptions. This is something you should entrust to your lawyer.

OREGON EXEMPTION LAWS

PROPERTY EXEMPTIONS	STATUTES	LIMIT ON THE AMOUNT OF THE EXEMPTION
Books, pictures, musical instruments, art objects, collections	18.345(1)(a)	$ 600.00*
Wearing apparel, jewelry	18.345(1)(b)	$1,800.00*
Tools of the trade	18.345(1)(c)	$3,000.00*
Vehicle	18.345(1)(d)	$2,150
Domestic animals	18.345(1)(e)	$1,000.00
Household goods, furnishings and Provisions (Food & Fuel for 60 days)	18.345(1)(f)	$3,000.00
Spousal support, child support	18.345(1)(i)	100%
Bodily Injury Claims	18.345(1)(k)	$ 10,000.00*
Earned Income Credit	18.345(1)(n)	100%
Any personal property (the "general" exemption)	18.345(1)(o)	$ 400.00*
Homestead - Personal residence: Single Debtor Joint (Married Debtors)	18.395	$30,000 $39,600
Homestead - Mobile Home (own land) Single Debtor Joint (Married Debtors)	18.428(1)	$23,000.00 $30,000.00
Homestead - Mobile Home (don’t own land) Single Debtor Joint (Married Debtors)	18.428(5)	$20,000.00 $27,000.00
Wages	18.385	75%
One rifle or shotgun, one pistol combined value	18.362	$ 1,000.00
Pension plans	18.358	100%
Social Security Benefits	23.166 42 U.S.C. § 407	$7,500.00
Aid to Disabled Persons	412.610	100%
Certain Annuity Policy Benefits	743.049	Partial
Burial Lots sold by a non-profit corporation	65.870	100%
Fraternal Benefit/Society Benefits	748.207	100%
Health & Disability Benefits	743.050	100%
Life Insurance Proceeds	743.046	100%
Life Insurance Proceeds - Group	743.047	100%
Unemployment Compensation Benefits	657.855	100%, (75% if judgment is for a support obligation)
Veteran’s Benefits & Loans	18.345(1)(m)	100%
Veteran’s State Loan Funds	407.595	100%
Vocational Rehabilitation Payments	344.580	100%
Workmen’s Compensation Benefits	656.234	100%, (75% if judgment is for a support obligation)
Wages on deposit in Bank (75%)	18.385	$7,500.00
College Savings Accounts	ORS 348.863(2)	100%

Those items marked with an * indicate that this amount is doubled if it a joint case.

Site Menu...

Quick Answers...

If I file an Oregon Bankruptcy will I lose my

property and what are exemptions?

Learn More...