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On July 1, 2013, the governor of Oregon signed into law SB 396. The new law allows those filing for bankruptcy in Oregon to elect to use the federal bankruptcy exemptions instead of the Oregon exemptions. Previously, Oregon filers could only use the state exemptions.
In addition, the new law allows Oregon bankruptcy filers that use the Oregon exemptions to protect all funds in their health savings accounts or medical savings accounts.
The law became effective on its signing date – July 1, 2013.
To learn more about Oregon exemptions, visit our Oregon Bankruptcy Information page.