|
When filing for Bankruptcy Protection you are allowed to keep some of your assets. These are called exemptions. Most exemptions are governed by Oregon State Law. The following is a listing of some of the exemptions you may be entitled to claim. The list is not exhaustive and there may be qualifications or restrictions.
Your Home:
Frame House: equity up to $25,000 for one; up to $33,000 for husband and wife. (H&W)
Mobile Home with land, up to $23,000 for one or $30,00 H&W;
Mobile Home without land, up to $20,000 for one, up to $27,000 H&W.
Household goods, furniture, appliances: up to $3000.
Vehicle: up to $1,7000, with one each for H&W.
Clothing, jewelry and other personal items: up to $1,800 for one, up to $3,600 for H&W.
Tools necessary for your trade, up to $3,000, $6,000 for H&W.
Books, pictures and musical instruments, up to $600, $1,200 for H&W.
One rifle or shotgun, and one pistol up to $1,000, or $2,000 for H&W.
Cash, either on hand or in a bank account, $400 or $800 for H&W.
Wages: 75% of wages due on the date of filing are exempt.
Retirement Funds in IRS approved plans are exempt.
Earned Income Tax Credit is now exempt
Please note: Other tax refunds are not generally exempt
|
|
