Oregon Statutes 18.300 – Resident entitled to use federal exemptions or state exemptions in bankruptcy
(1) For purposes of a bankruptcy petition, a resident of this state may use the federal exemptions provided in section 522(d) of the Bankruptcy Code of 1978 (11 U.S.C. § 522(d)) or the exemptions given to residents of this state under state law, but may not use both.
Terms Used In Oregon Statutes 18.300
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
(2)(a) If a resident of this state uses any of the federal exemptions provided in section 522(d) of the Bankruptcy Code of 1978 (11 U.S.C. § 522(d)) for purposes of a bankruptcy petition, the resident may not use any of the exemptions given to residents of this state under state law.
(b) If a resident of this state uses any of the exemptions given to residents of this state under state law for purposes of a bankruptcy petition, the resident may not use any of the federal exemptions provided in section 522(d) of the Bankruptcy Code of 1978 (11 U.S.C. § 522(d)).
(3) This section does not apply to executions. [Formerly 23.305; 2013 c.597 § 4]