Homestead Exemption Oregon

[Ineedhelp2]

I'm confused about the exemption.

Some places I am finding $30,000 and others it is $125,000.

How is home value determined?

[lrprn]

The homestead exemption is the amount set by the state as the maximum amount of equity a bk filer can keep when filing in that state. The amount varies from state to state.

Check here for the homestead and other exemptions for Oregon - http://www.bankruptcyinformation.com/OR_exemp.htm

Home value is the estimated amount a bk filer's home can sell for in the market. The best way to determine this in the real home worth world (not the appraised home worth world) is to ask a realtor familiar with the neighborhood to come to the home and tell you what they think it would sell for. (Even better if you can get it in writing from them.) Another option is to go online and look for houses for sale in your neighborhood with similar layouts and features, then set the price your house is worth accordingly. The idea is to be able to defend the value you choose on your forms if the trustee questions it. HTH.

[Ineedhelp2]

Your link is showing $33,000 for homesteads in Oregon.

I found a news station website that said $125,000.

Is there a Federal minimum as well.

I don't get it. $33,000 doesn't do much.

[SinkingFast]

The $125K is a Federal Exemption. Oregon does not allow you to choose or use the Federal. There are Federal Supplementals that address issues not covered in Oregon BK Statutes.

[Ineedhelp2]

So I can't use the Federal exemption in Oregon?

[lrprn]

Your link is showing $33,000 for homesteads in Oregon.

I found a news station website that said $125,000.

Is there a Federal minimum as well.

I don't get it. $33,000 doesn't do much.

I did some online research and the way I understand it, in Oregon $33,000 is the maximum amount of equity you are allowed to keep if you file Ch 7 bk AND if you bought your home more than 1215 days (3.3 years) ago. The $125,000 is the maximum allowed state exemption if you bought the house within the last 1215 days. [See Homestead and the New Bankruptcy Protection Act section at http://www.assetprotectionbook.com/h...exemptions.htm .] However, if you file Ch 13, you get to keep the home and all its equity BUT if you sell it before your Ch 13 is discharged, the trustee can decide to take all of the extra beyond the $33,000 or $125,000 exemption for your creditors depending on when you purchased your home.

Remember I'm not a lawyer, just a knowledgeable consumer, so my estimates here could be totally inaccurate. You really need an Oregon bk lawyer's guidance who understands the local customs in your bk district to help you know where you stand with your house and filing bk.

And yes, you're right - there are federal exemptions too. Sixteen states allow a bk filer to choose between using the state and federal exemptions - Oregon is not one of them. Also if a filer moves to another state or states within 2 years of filing, some states allow them to use the federal exemptions, while others make them use the state they last lived in the longest. Have you moved within the last two years?

If there's one thing for sure about bk, some of the rules vary a great deal from state to state - it can be very confusing. That's why it's so important to know the rules in the state you are filing in (or if you are using the federal exemptions, those rules) because they are the only rules that matter for your bk case. Hope this helped clarify things a little for you.

[Ineedhelp2]

I bought my house over 10 years ago.

I'll be seeing an attorney next week, so I'll post whatever I learn from that meeting.

Thaks for your input lrprn.