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.