WHAT IS "EXEMPT" PROPERTY? Certain property cannot be taken from you by a judgment creditor or by a bankruptcy trustee. The property which 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 January 1, 2008).
Please be advised that under the 2005 amendments to the Bankruptcy Code, you may be required to use another state's exemptions or the federal exemptions, depending on your place of residence over the last 3 years. You should consult with an attorney from Vanden Bos & Chapman, LLP to determine the appropriate exemptions for your situation.
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.) | 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) | $3,000.00* | 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% | 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 | Homestead - Mobile Home (own land) Single Debtor Joint (Married Debtors) | 18.428(1) | $23,000.00 $30,000.00 | Homestead - Mobile Home (do not own land) Single Debtor Joint (Married Debtors) | 18.428(5) | $20,000.00 $27,000.00 | 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 (depending on whether owed or held
in a bank account)
| 18.348 42 U.S.C. ยง407 | $7,500.00 | 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% |
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