The Law Office of Kim Covington

Call For A Free 1-Hour Consultation
541-393-2790 | 800-673-1891

Please Ask For Kim Directly When Scheduling An Appointment

The assets that you can keep creditors away from

People who have been harassed by creditors know what a daunting and scary experience it can be. Creditors can threaten to take away items like your car, house or even wages, but they can also be fended away from a number of assets through asset protections, as well.

Some of these protections will cover sources of income such as homestead exemptions, annuities and life insurance. According to the Asset Protection society, creditor protection can also apply to things like ERISA qualified benefits, disability proceeds and IRAs. Likewise, any proceeds from life insurance policies are also exempt under most protection. Annuity contracts are also allowed up to $2,500 in monthly exemptions. These exemptions are covered in full under certain protection laws, though those protection laws differ from state to state.

Homestead exemptions, on the other hand, have a $40,000 limit which applies to land, mobile homes, home improvement, and all other types of home-related monetary expenses. In addition to the other life insurance exemptions, avails and proceeds are exempt if the beneficiary does not have insurance of some sort. As stated by the Oregon State Legislature, life insurance exemptions in Oregon follow their own standards and exceptions, but they are better for the beneficiary in the end because these standards give a good, straightforward guideline to follow.

Defending your assets from creditors may take a lot of time and effort. Because of this, knowing which assets can be protected is a good starting point for anyone who is trying to reclaim their peace of mind.

No Comments

Leave a comment
Comment Information
email us for a response

Learn More About Your Fresh Financial Start

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

Toll Free: 800-673-1891
Phone: 541-393-2790
Fax: 541-344-6466
Eugene Law Office Map

P: 541-393-2790

T: 800-673-1891

F: 541-344-6466