The Oregon bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Oregon. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Oregon you may also use certain federal exemptions in addition to your Oregon exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real property, mobile home or houseboat you occupy to $25,000 ($33,000 for joint owners); if you don’t own land mobile home is on, to $23,000 ($30,000 for joint owners); property cannot exceed 1 block in town or city or 160 acres elsewhere; sale proceeds exempt 1 year from sale, if you intend to purchase another home | 23.164, 23.240, 23.250 |
Insurance | Annuity contract benefits to $500 per month Fraternal benefit society benefits Group life policy or proceeds not payable to insured Health or disability proceeds or avails Life insurance proceeds or cash value if you are not the insured | 743.049 748.207 743.047 743.050 743.046 |
Miscellaneous | Alimony, child support needed for support Liquor licenses Property of business partnership | 23.160(1) (i) 471.301(1) 68.420 |
Pensions | ERISA-qualified benefits Public officers, employees School district employees | 23.170 237.980 239.261 |
Personal Property | Bank deposits to $7500; cash for sold exempt property Books, pictures & musical instruments to $600 total (husband and wife may double) Burial plot Clothing, jewelry & other personal items to $1800 total (husband and wife may double) Domestic animals, poultry with food to last 60 days to $1000 Food & fuel to last 60 days if debtor is householder Furniture, household items, utensils, radios & TVs to $3000 total Health aids Lost earnings payments for debtor or someone debtor depended on, to extent needed (husband & wife may double) Motor vehicle to $1700 (husband and wife may double) Personal injury recoveries to $10,000, not to include pain & suffering ( husband and wife may double) Pistol, rifle or shotgun if owned by person over 16, to $1000 Earned income tax credits | 23.166 23.160(1) (a) 65.870 23.160(1) (b) 23.160(1) (e) 23.160(1) (f) 23.160(1) (f) 23.160(1) (h) 23.160(1) (l) 23.160(1) (d) 23.160(1) (k) 23.200 23.160(1)(n)
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Public Benefits | Aid to blind Aid to disabled Civil defense & disaster relief Crime victims’ compensations (husband and wife may double) General assistance Injured inmates’ benefits Medical assistance Old-age assistance Unemployment compensation Vocational rehabilitation Workers’ compensation | 412.115 412.610 401.405 23.160(1) (j) (A), 147.325 411.760 655.530 414.095 413.130 657.855 344.580 656.234 |
Tools of Trade | Tools, library, team with food to last 60 days, to $3000 (husband and wife may double) |
23.160(1) ( c) |
Wages | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors Wages withheld in state employee’s bond savings accounts |
23.186 292.070 |
Wild Card | $400 of any personal property, however, can’t use to increase existing exemption Husband and wife may double | 23.160(1) (o) In re Wilson, 22 B.R. 146 (D. Or. 1983) |
For more information on filing bankruptcy in Oregon explore Oregon Bankruptcy Law.