FEDERAL BANKRUPTCY EXEMPTIONS ARE NOW AVAILABLE IN OREGON BANKRUPTCY CASES FOR MANY PEOPLE. I WILL POST MORE INFORMATION ABOUT THE USE OF FEDERAL EXEMPTIONS VERY SOON.


If I file an Oregon Bankruptcy will I lose my property?


What are exemptions?

Most people that file for bankruptcy are able to keep most, if not all, of their personal and real property. 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. However, in some cases, if you have not lived in Oregon for at least 2 years continuously you may be able to use another state's exemptions or the federal bankruptcy exemptions. If it is getting close to 2 years since you moved to Oregon call me now.  Waiting until you have lived here for more than 2 years can result in you losing property you otherwise may have been able to keep.

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 two biggest trouble areas are usually tax refunds and cars 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 than 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. Also, in many cases a bankruptcy trustee will be willing to work out a payment plan with you to keep your non-exempt property. 

 

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)

$5,000.00*

Vehicle

18.345(1)(d)

$3,000

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

 

$40,000

$50,000

Homestead - Mobile Home (own land) Single Debtor

Joint (Married Debtors)

18.428(1)

$23,000.00

$30,000.00

 

 

 

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

 

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.