What Is Exempt Property?
Certain property cannot be taken from you by a judgment creditor or by a bankruptcy Trustee. The property that is protected is known as "exempt" property. Exemptions vary from state to state. The following is a list of the Oregon exemptions (current as of March 24, 2011).
Please be advised that even if you currently reside in Oregon, the Bankruptcy Code may prevent you from using the Oregon exemptions when you file a bankruptcy petition. You may be required to use the exemptions of another state, or you may be required to use the exemptions provided under the Bankruptcy Code. The choice of which exemptions will apply to you will depend on where you have been a resident over the 730 days immediately prior to filing a bankruptcy petition. If you have resided in Oregon continuously for the 730 days immediately preceding the date of the filing of the bankruptcy petition, then the Oregon exemptions will apply in your bankruptcy case. If you have not resided in Oregon continuously for 730 days prior to the expected filing date of a bankruptcy petition, you should consult with an attorney from Vanden Bos & Chapman, LLP to determine which set of exemptions will apply in your case.
This list is not all inclusive, but lists the most commonly claimed exemptions:
(*NOTE! The amounts marked with an * are doubled for married debtors or joint debtors in the same household.)
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) |
$3,000.00 |
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% (so long as reasonably necessary for the support of the spouse or dependents) |
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 |
$40,000.00 $50,000.00 |
Wages |
18.385 |
75% (but not less than $196 per week) |
One rifle or shotgun, one pistol - combined value |
18.362 |
$1,000.00 |
Pension plans |
18.358 |
100% |
Social Security Benefits |
18.348 42 USC §407 |
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 and 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% |
Workers compensation benefits |
656.234 |
100%, (less if judgment is for a support obligation) |
Wages on deposit in bank |
18.348 |
75% of amount on deposit, not to exceed an exemption claim of $7,500.00 |
College Savings Accounts |
ORS 348.863(2) |
100% |
