29 Jun Exemption Amounts Increased in Oregon (a small step)
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 Those complicated provisions which resulted in a debtor having to chose one of six amounts have been repealed.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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