Judgments: What are the State Exemptions for Oregon?
When you declare bankruptcy, or are facing a judgment, this does not mean that you will lose all of your assets or personal property. There are exemption laws that prevent this from happening, thus allowing you to hold on to certain property, savings and insurance, as well as some types of investment. To gain access to all of your legal entitlements, you need to gain an understanding of the state exemptions that apply in your state. Having this knowledge will enable you to fill out the required bankruptcy forms correctly so that you can keep your property.
Like other US states, if you live in Oregon you do have asset protection. These laws entitle you to claim property as exempt (i.e. protected from creditors), if it has not been used as collateral for a loan. However, if you have signed over property (whether it be your home, car or boat) as security for a loan, it is no longer protected under exemption laws.
In the state of Oregon, you are able to claim exemption for the following types of eligible property, assets, savings and income:
• Homestead: An exemption of up to $30 000 applies to real property that you occupy or intend to occupy. This amount increases to $39 600 for joint owners. There is also provision to claim exemption for house boats and mobile homes. The only other requirements for this type of exemption are land size. Your home cannot exceed one block if it is in town or exceed one hundred and sixty acres outside of town.
• Personal property. This includes items such as: bank deposits and higher education savings accounts, jewelry and clothing, furniture, cars and firearms.
• Income and wages: A percentage of income and wages are eligible for exemption as well. This means that creditors cannot take all of your earnings for the purpose of covering debt. In Oregon, you are able to legally keep 75 per cent of your wages or $170 per week, whichever constitutes the largest amount. For low income earners, a judge may even authorize a larger exemption.
• Life insurance, pensions, retirement savings and public benefits in certain circumstances are also eligible for exemption. It is important to remember that if a large portion of your investments are tied up in life insurance policies, it is best to consult a professional regarding your exemption entitlements.
Reference: http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?&ST=OR
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