Exemption Amounts Increased in Oregon (a small step)
By Karen Oakes, Southern Oregon Bankruptcy Attorney on Jun 29, 2009 in Bankruptcy Practice and Procedure, Exemptions In Bankruptcy
On Friday, June 26, 2009, Governor Ted Kulongoski signed HB 2306, which provides increased protection for a debtor to protect his vehicle and his home from creditors. Formerly, a debtor could protect $2150 in value of a motor vehicle. The bill amends Oregon Revised Statute 18.345(d) motor vehicle exemption value up to $3000. Oregon has exemption laws which protect many different kinds of property, some of which have not been amended in many years. **
The bill also amends Oregon’s homestead exemption as follows: for a single debtor, $40,000 and for a couple, $50,000. Oregon formerly had a tiered homestead exemption, with two amounts listed, depending on whether single or married debtor, and with three tiers–mobile home in park, mobile home on land, and (stick-built) house. Those complicated provisions which resulted in a debtor having to chose one of six amounts have been repealed.
**Oregon Revised Statutes 18.345(c) provides protection for: ” The tools, implements, apparatus, team, harness or library, necessary to enable the judgment debtor to carry on the trade,occupation or profession by which the judgment debtor habitually earns a living, to the value of $3,000.”
Good to know that your plow (implements), harness and team of horses are somewhat protected. Problem is, is that while one cannot give away a horse right now because of the cost of hay, that exemption probably protects only one plow and one harness…..
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