Oregon bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Oregon bankruptcy district courts are located at five places – Bend, Coos Bay, The Dalles, Eugene, and Klamath.
Properties Exemptions Under The Oregon Bankruptcy Laws
As per the Oregon bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Oregon bankruptcy district courts.
•The Homestead Exemptions include any real property, mobile home, or houseboat that you occupy. The maximum amount exemptible is twenty-five thousand dollars for single owner and thirty-three hundred dollars for joint owners. However, the Oregon bankruptcy law restricts you in terms of area, as the area of homestead properties must not exceed one block in town or city or 160 acres elsewhere.
•As per the Oregon bankruptcy laws, the insurance exemptions include specific life insurance proceeds, health or disability proceeds or avails, group life policy or proceeds not payable to insured, and fraternal benefit society benefits.
•The insurance exemptions also include Annuity contract benefits. You can exempt up to five hundred dollars on a per month basis in this regard.
•Personal properties exemptions include the following:
◦Bank deposits up to 7500 dollars
◦Jewelry and clothing for an amount of up to 1800 dollars in total.
◦If you are the householder, the Oregon bankruptcy laws also allow you to exempt food and fuel to last sixty days.
◦Radios, television, and furniture are also exemptible up to three thousand dollars in total value.
◦You can also keep motor vehicles up to seventeen hundred dollars.
•Pension funds are also allowed for exemption, under the Oregon bankruptcy laws, but only the following individuals are eligible for such exemptions.
◦School district employees
◦Public officers and employees
•As per the Oregon bankruptcy laws, the Wild Card exemptions include any personal property of up to four hundred dollars, if you are single and 800 dollars if you are a married couple and have filed for bankruptcy jointly.