Exemptions question

[polarisryan]

Hello all,

I have been browsing these boards for a couple months now, and finally have a question I can't seem to find anywhere.

I have a question about two Oregon specific exemptions, and hopefully somebody can give me some insight...

The first one is:

"Bank deposits to $7500; cash for sold exempt property"

Does anybody know what this specifically applies to? Would I be able to exempt any of our tax refund (if in our bank account) via this exemption?

The second is:

"Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors"

This one has me all sorts of confused. Perhaps this is specifically applied to wages that have been garnished...? I am not too sure.

Thank you for any help in clarifying these exemptions.

A little background on my situation: my wife and I have decided to file Chapter 7 Pro Se, simply because most of the attorneys we have met have across as unhelpful and we don't need the added stress of not having faith in our attorney.

We decided to wait until after our second daughter was born (she was born December 23) so that we would have an easier time with the means test, even though we are far below the median for a family of four. Then we decided to wait until after we file our taxes; unless we can exempt our refund somehow.

Thank you again!

[JRScott]

Hello Polaris

The first part of your question would apply to monies deposited into a checking, savings, money market, or other account on deposit with a bank. You could not use this to exempt a tax return unless its already been received and deposited prior to the filing date.

The second part I'm not positive about. I believe it applies when back wages are owed to you but not yet paid.

[polarisryan]

Hello Polaris

The first part of your question would apply to monies deposited into a checking, savings, money market, or other account on deposit with a bank. You could not use this to exempt a tax return unless its already been received and deposited prior to the filing date.

The second part I'm not positive about. I believe it applies when back wages are owed to you but not yet paid.

Great, I was hoping that I could get the refund and deposit it, and then exempt the funds. The majority of the advice I have read about refunds is to file your tax return first, spend it, and then file BK. I really didn't want to have to find a way to spend our refund on exempt items (though we could certainly go with a few of them). There have already been two managerial layoffs in my company (given there are only about 12 managers it's pretty significant) and I would really like to have some sort of emergency fund...just in case my day comes.

Thank for the help.