My 341 is this Thursday. In Oregon, the tools exemption is like $1500 which for me isn't much at all. Some of my tools cost me over $2000 each. I can't make a living without any of them. I had about $8K in tools purchased in 2006 and am depreciating them on my tax return over 5 years. What do you think the trustee wiil say about this or am I worrying over nothing. My attorney didn't seem to concerned and just said we'll just have to deal with it if it comes up. Everything I bought in 06 is probably only worth maybe $2K but add that up with all the hand tools I need and I'm over the $1500.
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Filed CH13 November 2008
341 with confirmation recommendation Jan 7/09 100% payback to secured and 10% to unsecured.Plan completed and discharge 02/20/13 -
Strage... Oregon exemption for tools of trade (23.160(1) ( c)) is $3,000. A husband and wife as co-debtors may double that amount.
Where did you read it was $1,500???
23.160 (1)
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(c) The tools, implements, apparatus, team, harness or library, necessary to enable the judgment debtor to carry on the trade,
occupation or profession by which the judgment debtor habitually earns a living, to the value of $3,000.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
What if you're over the $3K ? I thought the $1500 was the correct figure but guess not.Filed CH13 November 2008
341 with confirmation recommendation Jan 7/09 100% payback to secured and 10% to unsecured.Plan completed and discharge 02/20/13Comment
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