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 or simply “exemptions.” Exemptions vary from state to state.
In Oregon, two different sets of exemptions are available. A Debtor may choose the exemptions provided under Oregon Revised Statutes ("Oregon State Exemptions") or a Debtor may choose the exemptions provided under the Federal Bankruptcy Code (the "Federal Exemptions"). The right to choose the Federal Exemptions in Oregon became available July 1, 2013. In many cases, the Federal Exemptions will provide greater protection for a Debtor’s property than will the Oregon State Exemptions. A bankruptcy lawyer from Vanden Bos and Chapman, LLP will help choose the exemptions which will be best for you based on your own individual circumstances.
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.
Click here to view the exemption lists: