On July 1, 2013, Oregon joined at least 20 other states in permitting bankruptcy debtors to use federal bankruptcy exemptions listed in 11 USC §522(d). However, there are some limitations. If Federal bankruptcy exemptions are selected in a bankruptcy proceeding, Oregon debtors are prohibited from using Oregon exemptions by ORS 18.300(2)(a). If Oregon exemptions are selected, then the Federal bankruptcy exemptions may not be used.
What Property is “Exempt”?
When a bankruptcy is filed, some items can be preserved from the trustee and retained by the debtor. Both Oregon state exemption law and federal law may come into play in determining the amount of each exemption.
If you have not lived in Oregon for at least 730 days then the law of one of the states in which you previously lived may apply. If this leaves you without exemptions, then a list of federal exemptions may be available to you. The list below assumes that you have lived in Oregon for at least 730 days prior to the date we file the bankruptcy for you.
| EXEMPTION DESCRIPTIONS | LAW | AMOUNT OF THE EXEMPTION |
|---|---|---|
| Books, pictures, musical instruments, art objects, collections | ORS 18.345(1)(a) | $600.00 each |
| Wearing apparel, jewelry | ORS 18.345(1)(b) | $1,800.00 each |
| Tools of the trade | ORS 18.345(1)(c) | $5,000.00 each |
| Vehicle | ORS 18.345(1)(d) | $3,000.00 each or $6,000.00 joint |
| Domestic animals | ORS 18.345(1)(e) | $1,000.00 |
| Household goods, furnishings and Provisions (Food & Fuel for 60 days) | ORS 18.345(1)(f) | $3,000.00 |
| Spousal support, child support | ORS 18.345(1)(i) | 100% |
| Bodily Injury Claims | ORS 18.345(1)(k) | $10,000.00 each |
| Earned Income Credit | ORS 18.345(1)(n) | 100% |
| Health Savings Accounts | ORS 18.345(1)(o) | 100% |
| Any personal property (the “pourover” exemption) | ORS 18.345(1)(p) | $400.00 each |
| Homestead – Personal residence including manufactured home: Single Debtor Joint (Married Debtors) |
ORS 18.395 | $40,000.00 $50,000.00 |
| Wages | ORS 18.385 | 75% |
| One rifle or shotgun, one pistol combined value | ORS 18.362 | $1,000.00 |
| Pension plans | ORS 18.358 | 100% |
| Social Security Benefits | ORS 18.348 42 USC §407 |
100% |
| Student Loan Proceeds | 20 USC §1095(a)(d) | 100% |
| Public Assistance Benefits | ORS 411.760 | 100% |
| Certain Annuity Policy Benefits | ORS 743.049 | Partial |
| Burial Lots sold by a non-profit corporation | ORS 97.675 | 100% |
| Fraternal Benefit/Society Benefits | ORS 748.207 | 100% |
| Annuity Benefits | ORS 743.049 | $500.00 per month |
| Health & Disability Benefits | ORS 743.050 | 100% |
| Life Insurance Proceeds | ORS 743.046 | 100% |
| Life Insurance Proceeds – Group | ORS 743.047 | 100% |
| Unemployment Compensation Benefits | ORS 657.855 | 100% |
| Veteran’s Benefits & Loans | ORS 18.345(1)(m) | 100% |
| Veteran’s State Loan Funds | ORS 407.595 | 100% |
| Vocational Rehabilitation Payments | ORS 344.580 | 100% |
| Worker’s Compensation Benefits | ORS 656.234 | 100% |
| Wages on deposit in Bank (75%) | ORS 18.385 | $7,500.00 |
| College Savings Accounts | ORS 348.863(2) | 100% |