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Bankruptcy Exemptions in Oregon

Oregon Bankruptcy Lawyer

Many people who are considering filing for bankruptcy are greatly concerned about losing their property and possessions. In Oregon, there are over 30 exemptions. A large percentage of people that our Oregon bankruptcy attorney represents in Chapter 7 bankruptcy lose absolutely nothing. Those who have more assets will have specific amounts that are exempt. Below are some of the more common exemptions:

- cash and bank accounts: $400 per debtor

- vehicle: $3000 equity per debtor

- clothing and jewelry: $1800 per debtor

- household goods: $3000

- homestead: $40,000 for a single debtor and $50,000 for married debtors

- tools of the trade: $5000 per debtor

- qualified retirement plans: 100%

If you are considering cashing out any portion of your retirement account to pay off overdue bills, it is important that you reconsider; you may not need to lose that money that you saved for the future, and incurring a huge tax penalty can make the financial problems even worse.

Get the most out of filing bankruptcy with our help.

How your case is managed is extremely important with regard to the final outcome. We carefully evaluate each unique case and advise you of any opportunities to convert a non-exempt asset to an exempt asset whenever possible. You may lose any income tax refunds owed to you; it is possible that the court could look for other assets such as cash in bank accounts or stock accounts. All of these issues are important and careful planning can allow you to gain the most out of filing bankruptcy. You have the opportunity to get a fresh start, and you should ensure you get every possible advantage when you file.

Our 33 years of experience, and our dedication to providing the highest quality service at the lowest possible price, makes our firm an excellent choice for those who are considering bankruptcy. Much of the work we do can be done electronically, and there is no need for you to have continual meetings and disrupt your work or family schedule. Find out more about the bankruptcy exemptions in Oregon by contacting our firm. We can help you come to a decision that is based upon the advantages to you, your finances and your family.

Contact an Oregon bankruptcy lawyer from Oregon Fresh Start for more information about the bank ruptcy exemptions in our state.

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