"bank deposits" means what it sounds like?

[enuffznuff]

This is probably a stupid question (since I can't find an answer, I'm guessing the obvious one is correct, but i'd feel better if someone agreed with me, LOL)

Oregon has an exemption for 'up to $7,500 in bank deposits"

So, does that mean I can have up to $7,500 just sitting in my checking account and it's exempt and the trustee can't take it?

[oregonpilot]

hi there enuff. I thought the same thing and my attorney set me straight.
For me having extra $$ in checking was almost essential. My wallpapering is so sporatic that some months 1 can make 2-3k and some months $50 or nothing at all.
So i needed to have extra to cover the "lean" months. My attorney said no can do....he didn't want me to have more than around 500. so to say the least it has been a very hard winter with no income and nothing to fall back on.
What he told me was the the bank deposits of $7500 had to show it came from the sale of exempt assets.
I didn't get it but hey...who am i to question the wisdom of the great ones

[enuffznuff]

I did some more research and it makes more sense to me. It isn't exactly 'sale of exempt assets" but the money has to be exempted otherwise. So, you can keep your Earned Income Credit in there but not just random cash. Looks like the only OR cash exemption is the $400 personal property 'extra' exemption. So it seems you can only have $400 of non-exempt funds, and up to $7500 of exempt funds from any exempt source deposited in a bank account.

thanks for your answer, it showed me where to look for the clarification! Ugh. $400...UGH. lol

[oregonpilot]

your welcome enuff YES "UGH" is THE word
It was a little hard to explain cuz i really didn't totally understand it myself.
It all worked out ok for me and hope it works for you too.
I think when my atty told me 500. he was figuring the 400. plus a little bit of fudge factor.

Keep me posted on how you are doin!!!! K