Bankruptcy

Oregon Bankruptcy Exemptions

Federal supplemental exemptions can be used in conjunction with Oregon bankruptcy exemptions but state laws do not allow you to use the complete federal set of exemptions to replace the state-specified exemptions. Following is a general overview on what types of property and assets are exemptible in this state.

Wildcard

Up to $400 can be exempted in those properties that are otherwise not exemptible in any other category.

Wages

Oregon bankruptcy exemptions can be availed for wages also. You can exempt either $170 or a minimum 3/4th of unpaid but earned weekly wages, whichever is higher. If you are going through grave hardship with very low monthly income, the court may consider offering you a higher exemption for wages.

Tools Of Trade

Up to three thousand dollars can be exempted feed for animals to last at least two months, team of animals, tools, and Library.

Public Benefits

The following types of public benefits are exemptible under Oregon bankruptcy laws.

- 100% of proceeds from Veteran’s loans and Veteran’s benefits
- Up to $7,500 in unemployment compensation benefits
- Up to $7,500 in Workers’ compensation benefits
- Up to $7,500 in Benefits for injured inmates
- Up to $7,500 in Medical assistance
- Up to $7,500 in General assistance benefits
- Up to $7,500 in Old age assistance benefits
- Up to $7,500 in Disability benefits
- Up to $7,500 in Blind aid
- 100% of Civil defense and disaster relief benefits
- Up to $7,500 in Vocational rehabilitation benefits
- 100% of Crime victim’s compensation benefits

Personal Properties

Oregon bankruptcy exemptions can be availed for personal properties as per the following provisions.

- 100% of Building material that you have planned to use in home improvement
- 100% in Burial plot
- Up to $1,000 in shotgun, rifle, pistol, and guns (the debtor must be at least sixteen years old to be eligible for this exemption)
- Up to $7,500 in Savings account for higher education
- Up to $7,000 in Bank deposits
- 100% of Cash from sold exempt property
- Lost earning compensation payments up to an extent that is reasonably needed for support
- 100% of Federal tax credits for earned income
- Up to $10,000 in Recoveries for personal injury
- 100% of professionally prescribed Health aids
- Food and fuel up to an extent that should last at least two months (the debtor must be the head of the household to be eligible for this specific exemption)
- Up to $3,000 in aggregate total in Household items that may include radios, televisions, utensils, and furniture
- Up to $1,000 in poultry, domestic animals, and other pets (food for them is also exemptible up to an extent that should last at least sixty days)
- Up to $7,500 in Motor vehicle
- Up to $1,800 in aggregate total for Personal items that may include jewelry and clothing
- Up to $600 in aggregate total for musical instruments, pictures, and books

Pensions

The provisions for Oregon bankruptcy exemptions with regard to pensions are as follows.

- Up to $7,500 for public officers and employees pensions
- Up to $7500 ERISA-qualified benefit payments, including SEPs and IRAs
- 100% of Federal pension exemptions

Miscellaneous

100% exemptions can be availed for the following assets and properties in the miscellaneous category.

- 100% of Liquor licenses
- Alimony and child support payments are also exemptible but only up to an extent that is reasonably needed for support

Insurance

Certain types of insurance proceeds are also exemptible under Oregon bankruptcy laws. The basic provisions are as follows.

- 100% of health or disability avails or proceeds
- Up to $500 on a monthly basis in annuity contract
- 100% of Life insurance (group) policy/proceeds provided the proceeds are being paid to someone other than the insured
- Life insurance cash value/proceeds can also be exemptible if the debtor is not the insured
- Up to $7,500 in Benefits from a fraternal benefit society

Homestead

The following provisions are applicable for Oregon bankruptcy exemptions in homestead properties.

- 10% of equity value in any real property of a sailor or soldier in time of war
- 10% of proceeds from the sale of a homestead property for a maximum period of twelve months but you can qualify for this specific exemption only if you are planning to buy another property using that money
- Up to $27,000 for joint owners and up to $20,000 for a single person in a mobile home on land that is not owned by you
- Up to $30,000 for joint owners and up to $23,000 for a single person in any mobile home on a property that is owned by you. There are certain area limitations as well – 160 acres outside of incorporated area or one block in town or city
- Up to $39,600 for joint owners and up to $30,000 for a single person in any real property that you occupy or intend to occupy. The area limitations are the same as above.

For a more accurate description on the types of Oregon bankruptcy exemptions that you can qualify for, you are advised to consult an Oregon bankruptcy attorney who specializes in these types of case and has a good track record.


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