Oregon Bankruptcy Laws and Oregon Bankruptcy Attorney

What Can I Keep?

Under Oregon bankruptcy law, you may keep:

• Homestead to the value of $25,000
• Proceeds from sale of homestead to the value of $25,000
• Mobile home and lot instead of homestead to the value of $23,000
• Mobile home with no associated real property to the value of $20,000
• Books, pictures and musical instruments to the value of $600
• Clothing, jewelry and personal items to the value of $1,800
• Tools of trade to the value of $3,000
• One motor vehicle to the value of $1,700
• Household goods and furnishings to the value of $3,000 and provisions and fuel for 60 days
• Animals and poultry for family use to the value of $1,000 and food for animals and poultry for 60 days
• Professionally prescribed health aids
• Spousal support, child support or separate maintenance necessary for support
• Award under any crime victim reparation law
• Personal injury awards to the value of $10,000
• Compensation for loss of future earnings if necessary for support to the value of $10,000
• Veterans benefits and loans
• Earned income tax credits
• Pension benefits
• 75% of disposable earnings, unemployment compensation, aid to blind and aid to disabled
• One rifle or shotgun and one pistol to the value of $1,000
• Burial lots
• Cash for sold exempt property if same amount as exemption
• Pension, annuity or retirement allowance deposited in an account to the value of $7,500
• Exempt funds, which are identifiable, deposited in bank to the value of $7,500
• Public assistance grants
• Old age assistance
• Medical assistance
• Workers compensation to the value of $7,500
• Life insurance proceeds
• Group life insurance proceeds
• Annuity policy benefits to the value of $500 per month
• Health and disability insurance
• Any other personal property to the value of $400

The Oregon bankruptcy attorney does not wipe out voluntary liens, like mortgages and deeds of trust, or tax liens. So the lender still has the right to foreclose if you do not pay. If you pay, everyone is happy. Remember, the lender does not want the property; it wants you to pay regularly on the loan. Foreclosure is a last resort for the lender if it concludes it can’t get the owed money any other way.

If you still owe money on the car, you can choose to reaffirm the debt to the secured lender. Under the new law, you have to reaffirm your car loan within 45 days after the "341 meeting." You no longer have the option of continuing your car payments without reaffirming the loan. Once the loan is reaffirmed, if you default on your payments and the car is repossessed, you are liable for the repossession deficiency.

You also have the option to redeem the car within 45 days of the "341 meeting" by buying it from the secured creditor in a single payment for its present value.

Planning for filling bankruptcy law

Get quality information before filling the bankruptcy