Property OwnershipEstates_interestsMEDIUM
What is the homestead exemption amount that Oregon law provides to protect a qualifying homeowner's equity from most unsecured creditors?
Correct Answer
B) Up to $400,000 of home equity is protected from most unsecured creditors
Under ORS 18.395, as updated in 2023, Oregon's homestead exemption protects up to $400,000 of a qualifying homeowner's equity in their primary residence from most unsecured creditors. This replaced the prior $40,000/$50,000 figures. The exemption does not apply to mortgage foreclosures, property tax liens, or certain other secured claims. Oregon's exemption is not unlimited, distinguishing it from states like Texas and Florida.
Answer Options
A
No protection is provided; Oregon does not have a homestead exemptionB
Up to $400,000 of home equity is protected from most unsecured creditorsC
Up to $40,000 of home equity ($50,000 for married couples) is protected from most unsecured creditorsD
An unlimited amount of home equity is protected, similar to Texas and Florida exemptionsWhy This Is the Correct Answer
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Related Topics & Key Terms
Related Topics:
ORS 18.395unsecured creditorshomestead exemptiondebtor protectionOregon property law2023 legislative update
Key Terms:
homestead exemptionORS 18.395unsecured creditors$400,0002023 updateprimary residence
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