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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%

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