Before you file for bankruptcy in Oregon, take the time to get to know the state’s bankruptcy laws. This will help you make the best financial decisions for your debt problem.

Bankruptcy Exemptions

Under Oregon’s bankruptcy laws, certain assets are protected throughout the bankruptcy process. If you choose to file bankruptcy in Oregon, you may keep:

• Up to $30,000 for your homestead
• Up to $30,000 in the proceeds from a homestead sale
• Up to $23,000 for a mobile home and lot in lieu of homestead exemption
• Up to $20,000 for mobile home with no lot in lieu of homestead exemption
• Up to $600 for instruments, books, and pictures
• Up to $1,800 for clothing, jewelry, or other personal items
• Up to $2,150 for a motor vehicle
• Up to $3,000 for tools of the trade
• Up to $3,000 for household goods and furniture
• Provisions and fuel for 60 days
• Up to $1,000 for animals and poultry for family use, as well as food for said animals for 60 days
• Personal injury awards up to $10,000
• Up to $10,000 for compensation for loss of future earnings
• Pension, and veteran’s benefits
• Earned income tax credit
• Crime victim’s reparation award
• Spousal or child support necessary for support
• Prescription health age
• Old age, medical, or other public assistance
• Up to $7,500 for worker’s compensation
• 75 percent of disposable earnings, unemployment, aid to disabled or blind
• Up to $1,000 for one rifle or shotgun and one pistol
• Burial lot
• Exempt funds, up to $7,500
• Life insurance or group life proceeds
• Annuity policy benefits, up to $500 per month
• Disability and health insurance
• Up to $400 for personal property

To keep your car with a car loan still on it, you must reaffirm the debt within 45 days of the 341 meeting. Continuing to make payments without reaffirming is not sufficient.

Chapter 7 Bankruptcy Information

Chapter 7 bankruptcy protection wipes out most debts, with some exceptions. This form of bankruptcy requires debtors to pass a means test. They cannot make more than the median income level in Oregon to file Chapter 7.

Chapter 13 Bankruptcy Information

Chapter 13 bankruptcy allows those who do not qualify for Chapter 7 to get bankruptcy protection. This form of bankruptcy requires repayment under court supervision over a period of three to five years. It is possible for some debts to be discharged after this period.