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Oregon Homestead Exemption
Almost every state provides protection for equity in the family home, and many states have increased the amount of protection in recent years. Seven states offer unlimited protection. Most states are not as generous.
Federal Law Residency Requirement
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (three years and four months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .
IF you are moving to another state, OR you moved to Oregon within in the last two years, click here.
Oregon Exemptions
- OR Exemptions
- Homestead proceeds used for rent count as reinvestment within one year.
In re Wynn, 369 B.R. 605 (Bankr. D. Or 2007)
- Prepaid rent and security deposits for renter's dwelling
In re Casserino, 379 F.3d 1069 (9th Cir. 2004)
- Real property of a soldier or sailor during time of war
Or. Rev. Stat. § 408.440
- Real property, mobile home or houseboat you occupy or intend to occupy to $40,000 ($50,000 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
(Main homestead exemption)
Or. Rev. Stat. § 18.395
Or. Rev. Stat. § 18.402 (Quantity of land)
- Tenancy by entirety not exempt, but subject to survivorship rights of nondebtor spouse
In re Pletz, 221 F.3d 1114 (9th Cir 2000)
- Prepaid rent and security deposits for renter's dwelling
Federal Exemptions
- Indian lands or homestead sales or lease proceeds
25 U.S.C. § 410 - Real property, including co-op or mobile home, or burial plot to $25,150; unused portion of homestead to $12,575 may be applied to any property
11 U.S.C. § 522 (d)(1), (d)(5)
Home Valuation tool
Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)
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Tenancy by Entirety Exemption
Tenancy by the Entirety (TBE) is a form of property ownership, based on traditional English common law, that is still recognized in about 1/2 of states and the most common form of martial property ownership in many of them.
It protects property that is jointly owned by a married couple as an "entirety" -- which is to say, as a single marital entity, not as individuals.
Tenancy by the Entirety (TBE) was originally conceived as a debt shield -- a way of protecting wives and children from being left homeless and penniless as a result of the debts of a husband. Under the English common law TBE doctrine, a husband could not sell property owned by "the entirety", or give it away, or pledge it as security for a loan without the consent of his wife.
Today, 25 states still recognize some form of tenancy by the entirety, but they differ on the extent to which the property is exempt.
Oregon Exemptions
- Tenancy by the Entireties recognized in real estate, but is not exempt.
Or. Rev. Stat. § 108.090
Stanley v. Mueller, 222 Or. 194 (1960 )
Federal Exemptions
^ Top - Oregon Bankruptcy Exemptions
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Oregon Insurance exemptions
Virtually all states protect life insurance proceeds in some manner or another. Some restrict it to proceeds paid to a dependent. Many states also protect the cash-value or loan-value of insurance policies.
If a substantial amount of your assets are in life insurance, you may want to consult a professional to determine the extent to which those policies are exempt.
Oregon Exemptions
- Annuity contract benefits to $500 per month
Or. Rev. Stat. § 743.049
- Fraternal benefit society benefits
Or. Rev. Stat. § 748.207
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Group life policy or proceeds not payable to insured
Or. Rev. Stat. § 743.047
- Health or disability proceeds or avails
Or. Rev. Stat. § 743.050
- Life insurance proceeds or cash value if you are not the insured
Or. Rev. Stat. § 743.046 (Individual life insurance)
Or. Rev. Stat. § 743.047 (Group life insurance)
Federal Exemptions
- Disability, illness, or unemployment benefits
11 U.S.C. § 522 (d)(10)(C)
- Federal government employee death & disability benefits
5 U.S.C. § 8130
- Federal judges, U.S. court & judicial center directors, administrative assistants to U.S. Supreme Court Chief Justice
28 U.S.C. § 376
- Federal war risk, hazard, death, or injury compensation, death & disability benefits
42 U.S.C. § 916
- Life insurance payments from policy for person you depended on, needed for support
11 U.S.C. § 522 (d)(11)(C)
- Life insurance policy loan value, in accured dividends or interest, to $13,400
11 U.S.C. § 522 (d)(8)
- Lighthouse workers survivors' benefits
33 U.S.C. § 775
- Longshoremen & harbor workers death & disability benefits
33 U.S.C. § 916
- Military group life insurance
38 U.S.C. § 1970 (g)
- U.S. Military service survivors' benefits
10 U.S.C. § 1450
- Unamtured life insurance contract, except credit insurance policy
11 U.S.C. § 522 (d)(7)
^ Top - Oregon Bankruptcy Exemptions
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Miscellaneous other exemptions for Oregon
Oregon Exemptions
- Alimony, child support needed for support
Or. Rev. Stat. § 18.345 (1)(i)
- Liquor licenses
Or. Rev. Stat. § 471.292 (1)
- Partnership property
Or. Rev. Stat. § 67.190
Federal Exemptions
- Alimony, child support needed for support
11 U.S.C. § 522 (d)(10)(D)
^ Top - Oregon Bankruptcy Exemptions
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Oregon Pensions & Retirement Savings Exemptions
The new federal bankruptcy law now automatically exempts a virtually all tax-exempt pensions and retirement savings accounts from bankruptcy, even if you are using state law all_law_table_items. 11 U.S.C. § 522(b)(3)(C). (See Help Topic: Special Rules For Retirement Accounts.)
The law protects up to $1,283,025 of any pension or retirement fund that qualifies forspecial tax treatment under Internal Revenue Code sections 401,402, 403, 408, 408A, 414, 457, or 501(a).
Federal Exemptions
- All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,362,800 (excluding rollover contributions); limitation can be overidden by judge.
11 U.S.C. § 522 (d)(12)
11 U.S.C. § 522 (n)
- Federal civil service employees
5 U.S.C. § 8346
- Foreign Service Employees
22 U.S.C. § 4060
- Military Medal of Honor roll pensions
38 U.S.C. § 1562 (c)
- Military service employees
10 U.S.C. § 1440
- Railroad workers
45 U.S.C. § 231m
- Social Security
42 U.S.C. § 407
- U.S. veterans' benefits
38 U.S.C. § 3501
Oregon Exemptions
- ERISA-qualified benefits, including IRAs and SEPs to $7,500
Or. Rev. Stat. § 18.358
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Public officers, employees pension payments to to $7,500
Or. Rev. Stat. § 237.980
Or. Rev. Stat. § 238.445
Or. Rev. Stat. § 18.348 (2) ($7,500 limit on accumulated payments)
^ Top - Oregon Bankruptcy Exemptions
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Oregon Personal Property Exemptions
This category covers your car, your non-retirement bank accounts, and most of your other personal possessions, other than your house.
States vary widely on how generous they are in this area. Some exemptions may be for any combination of property up to an aggregate amount. Other exemptions apply only to specific items, such as jewelry.
Remember that an exemption will not protect your car from being repossessed by the holder of the car loan you used to purchase the vehicle if you pledged the vehicle as security for the loan. To keep the car, you will have to pursue other options such as 'redemption' or 'reaffirmation.' See the help topics and How to File for Chapter 7 Bankruptcy for more on this.
Oregon Exemptions
- Bank deposits to $7,500; cash for sold exempt property
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
Or. Rev. Stat. § 18.345 (2)(Cash from sale of exempt property)
- Books, pictures, & musical instruments to $600 total (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(a)
- Building materials for construction of an improvement
Or. Rev. Stat. § 87.075
- Burial plot
Or. Rev. Stat. § 65.870 (repealed and renumbered 2011)
Or. Rev. Stat. § 97.660
Or. Rev. Stat. § 97.675
- Clothing, jewelry, & other personal items to $1,800 total (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(b)
- Compensation for lost earnings payments for debtor or someone debtor depended on, to extent needed (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(l),(3)
- Domestic animals, poultry, & pets to $1,000 plus food to last 60 days
Or. Rev. Stat. § 18.345 (1)(e)
- Food & fuel to last 60 days if debtor is householder
Or. Rev. Stat. § 18.345 (1)(f)
- Furniture, household items, utensils, radios, & TVs to $3,000 total
Or. Rev. Stat. § 18.345 (1)(f)
- Health aids
Or. Rev. Stat. § 18.345 (1)(h)
- Higher education savings account to $7,500
Or. Rev. Stat. § 348.863
Or. Rev. Stat. § 18.348 (1)
- Medical or Health Savings Accounts
Or. Rev. Stat. § 18.345 (o)
- Motor vehicle to $3,000 (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(d),(3)
- Personal injury recoveries to $10,000 (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(k),(3)
- Pistol; rifle or shotgun (owned by person over 16) to $1,000
Or. Rev. Stat. § 18.362
- Property of a decedent
Or. Rev. Stat. § 18.312
Federal Exemptions
- Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $625 per item, $13,400 total
11 U.S.C. § 522 (d)(3)
- Health aids
11 U.S.C. § 522 (d)(9)
- Jewelry to $1,700
11 U.S.C. § 522 (d)(4)
- Lost earnings payments
11 U.S.C. § 522 (d)(11)(E)
- Military deposits in savings accounts while on permanent duty outside the U.S.
10 U.S.C. § 1035
- Motor vehicle to $4,000
11 U.S.C. § 522 (d)(2)
- Personal injury recoveries to $25,150 (not to include pain & suffering or pecuniary loss)
11 U.S.C. § 522 (d)(11)(D)
- Wrongful death recoveries for person you depended on
11 U.S.C. § 522 (d)(11)(B)
Auto Valuation Tools:
Both of these websites offer interactive tools to determine the current value of your used car.
^ Top - Oregon Bankruptcy Exemptions
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Oregon Public Benefits Exemptions
Most states exempt public benefits, consistent with the notion that such benefits are intended as a safety net for the recipient.
Oregon Exemptions
- Aid to blind to $7,500
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
Or. Rev. Stat. § 411.760
Or. Rev. Stat. § 411.706
- Aid to disabled to $7,500
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
Or. Rev. Stat. § 411.706 (Oregon Supplemental Income Program)
Or. Rev. Stat. § 411.760
- Civil defense & disaster relief to $7,500
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Crime victims' compensation (husband & wife each claim)
Or. Rev. Stat. § 18.345 (1)(j),(3)
Or. Rev. Stat. § 147.325
- Federal earned income tax credit
Or. Rev. Stat. § 18.345 (1)(n)
- General assistance to $7,500
Or. Rev. Stat. § 411.760
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Injured inmates' benefits to $7,500
Or. Rev. Stat. § 655.530
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Klamath Indians tribe benefits for Indians residing in Oregon.
- Medical assistance to $7,500
Or. Rev. Stat. § 414.095
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Old-age assistance to $7,500
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Unemployment compensation to $7,500
Or. Rev. Stat. § 657.855
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Veterans' benefits and proceeds of veterans loans
Or. Rev. Stat. § 407.125 (Veterans Loans)
Or. Rev. Stat. § 407.595 (restrictions on loan assignment)
Or. Rev. Stat. § 18.345 (m) (In general exemption statute(m) Veterans' benefits and loans.)
- Vocational rehabilitation to $7,500
Or. Rev. Stat. § 344.580
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
- Workers' compensation to $7,500
Or. Rev. Stat. § 656.234
Or. Rev. Stat. § 18.348 ($7,500 limit on accumulated payments)
Federal Exemptions
- Crime victims' compensation
11 U.S.C. § 522 (d)(11)(A)
- Local public assistance
11 U.S.C. § 522 (d)(10)(A)
In re Goertz, 202 B.R. 614 (Bankr.S.D.Mo. 1996)
- Social Security
11 U.S.C. § 522 (d)(10)(A)
- Unemployment compensation
11 U.S.C. § 522 (d)(10)(A)
- Veteran's benefits
11 U.S.C. § 522 (d)(10)(A)
^ Top - Oregon Bankruptcy Exemptions
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Oregon Tools of Trade Exemptions
These are the things you use to make a living. An automobile or truck can be a tool of trade if you use it as such. Commuting to work doesn't count, but if driving is a necessary component of transacting your business, you can claim your vehicle is a tool of trade.
Oregon Exemptions
- Tools, library, team with food to last 60 days, to $5,000 (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(c),(3)
Federal Exemptions
- Implements, books, & tools of trade to $2,525
11 U.S.C. § 522 (d)(6)
^ Top - Oregon Bankruptcy Exemptions
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Oregon Wage Garnishment Laws
Most states have a wage garnishment law. In some states, wage garnishment laws can be used in bankruptcy as an exemption to protect income that you had coming due, but not yet received, as of the day you filed, for work you had already done -- so called "earned but unpaid wages".
In some states, the wage garnishment law protects not only wages owed to you, but also wages already in your possession and saved over time preferably holding it in a separate bank account. In other states wage garnishment laws do not protect wages once they are they are in your possession.
Special notes about Oregon Wage Garnishment Exemptions: debtors' unpaid wages can properly be claimed as exempt in bankruptcy under ORS 23.185 (now 18.385) In re Robinson, 241 B.R. 447; 451 (9th Cir. BAP 1999)
Oregon Exemptions
- 75% of disposable wages or $170 per week, whichever is greater; bankruptcy judge may authorize more for low-income debtors
Or. Rev. Stat. § 18.385
- Wages withheld in state employee's bond savings accounts
Or. Rev. Stat. § 292.070
Federal Exemptions
- Minimum 75% of disposable weekly earnings or 30 times the federal hourly wage, whichever is more; bankruptcy judge may authorize more for low-income debtors. NOTE: Declared not a bankruptcy exemption by numerous Federal courts
15 U.S.C. § 1673
- None
11 U.S.C. § 522 (d)
^ Top - Oregon Bankruptcy Exemptions
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Oregon Wild Card Exemption
Most, but not all, states allow a so-called "wild-card" exemption that can apply to any property. The wild card exemption can be of particular help if one or more of your other exemptions falls short of protecting your equity. You may split your wild card exemption amount over multiple items and stack it atop other exemptions as needed to protect exposed equity.
Oregon Exemptions
- $400 of any personal property not already covered by existing exemption (husband & wife may double)
Or. Rev. Stat. § 18.345 (1)(p)
Federal Exemptions
- $1,325 of any property
11 U.S.C. § 522 (d)(5)
- Up to $12,575 of unused homestead exemption amount, for any property.
11 U.S.C. § 522 (d)(5)
^ Top - Oregon Bankruptcy Exemptions