Oregon Bankruptcy Exemptions

The State of Oregon does not have federal bankruptcy exemptions available. It does allow for some exemptions under bankruptcy established by state law. Once bankruptcy is filed all property, and certain other property received in the future, becomes the property of the bankruptcy estate.

The bankruptcy trustee will take control of all property for purposes of satisfying the creditors, except for property, which is either excluded or exempt. The debtor will be able to keep any property exempt from the bankruptcy estate. Asset or property exemptions are determined depending on your personal income and specific situation.

Contact an experienced and qualified Oregon bankruptcy attorney today. They can help guide you through the bankruptcy process. They are able to complete a detailed analysis of your unique and personal situation and help you to determine which property you are entitled to keep. You need an attorney with a proven record of accomplishment and knowledge of the new bankruptcy laws. This can make a huge difference in the outcome of your case.

Assets

Homestead: Real property you own up to $30,000 ($39,600 if joint owners). Mobile home on land you own or a houseboat up to $23,000. Joint owners may go up to $30,000. Mobile home on land you don't own, $20,000 ($27,000 if joint). Property may not exceed 1 block in a city or town, or 160 acres elsewhere. Sale proceeds exempt 1 year if plan to purchase another home. Prepaid rent and security deposit for renters dwelling, Real property of a soldier or sailor during times of war, Tenancy by entirety not exempt, but subject to survivorship rights of non-debtor spouse

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing and money-purchase plans, SEP and SIMPLE IRAs and defined-benefit plans. Traditional and Roth IRAs to $1,095,000, ERISA qualified benefits, IRAs, SEPs and payments to $7,500, Public officers, employees pension payments to $7,500

Insurance: Fraternal benefit society benefits, Group life policy or proceeds not payable to insured, Annuity contract benefits to $500 per month, Health or disability proceeds or avails, Life insurance proceeds or cash value if you are not the insured

Miscellaneous: Liquor license, Alimony, child support needed for support

Personal Property: Clothing, jewelry and other personal items to $1,800, Bank deposits to $7,500 cash for sold exempt property, Books, pictures and musical instruments to $600 total, Building materials for construction of an improvement, Burial plot, Domestic animals, pets and poultry to $1,000 plus food to last 60 days, Compensation for lost earnings payments for debtor or someone debtor depended on to extent needed, Federal earned income tax credit, Health aids, Higher education savings account to $7,500, Motor vehicle to $2,150, Food and fuel to last 60 days if debtor is householder, Household goods, furniture, radios, utensils and TVs to $3,000 total, Personal injury recoveries to $10,000, Pistol, rifle or shotgun (owned by person over 16) to $1,000

Public Benefits: The following up to $7,500: Aid to blind, Aid to disabled, Civil defense and disaster relief, General assistance, Medical assistance, Vocational rehabilitation, Workers' compensation, Unemployment compensation, Old-age assistance, Crime victims' compensation, Veterans' benefits and proceeds of Veterans loans

Tools of Trade: Library, tools, team with food to last 60 days, up to $3,000

Wages: 75% of disposable wages or $170 per week, whichever is greater; bankruptcy judge may authorize more for low-income debtors

Wildcard: $400 of any personal property not already covered by existing exemptions

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