Or. Admin. Code § 150-305-0092

Current through Register Vol. 63, No. 10, October 1, 2024

Section 150-305-0092 - Suspended Collection Status

(1) For the purpose of ORS 305.155:

(a) "Assets" do not include the following:

(A) The home the debtor lives in and the land the home is on, regardless of value;

(B) Household goods and personal effects of the debtor as defined in 20 CFR 416.1216 (e.g. an individual's wedding rings and engagement rings), regardless of value;

(C) One vehicle owned by the debtor, regardless of value;

(D) Other personal property of the debtor listed or described in ORS 18.345 or 18.845, with a value below the limits listed therein, unless otherwise provided for in this rule;

(E) Burial spaces for the debtor and the debtor's immediate family as the term "immediate family" is defined in ORS 163.730;

(F) Burial funds for the debtor and debtor's spouse, each valued at $1,500 or less;

(G) Life insurance policies payable to the debtor that have no more than $1,500 total face value owned on any one person; and

(H) Grants, scholarships, fellowships, or gifts set aside to pay educational expenses of the debtor for nine months after receipt.

(b) A debtor that has an asset that exceeds the limit listed or described in ORS 18.345 or 18.845 may choose to use part of their $5,000 asset allowance for the amount of value above the asset value limit listed in ORS 18.345 or 18.845.

Example 1: Jean receives a $1,200 monthly Social Security benefit. She owns one home and one car. She also owns one rifle (valued at $600) and one pistol (valued at $500). The combined value of the weapons is greater than the $1,000 asset limit set forth in ORS 18.845 by $100. She will qualify for suspended collection status under ORS 305.155(2) as long as her remaining assets do not exceed $4,900. ($5,000 minus $100 above the firearms value amount listed in ORS 18.845 equals $4,900.)

(2) To be considered for suspended collection status, the debtor may be required to submit a financial statement and attach proof of income, assets, and asset values.

(3) If the department determines that a debtor does not qualify for suspended collection status, the debtor may submit a new financial statement containing new, additional or revised information and request to be reconsidered for suspended collection status.

Or. Admin. Code § 150-305-0092

REV 7-2015, f. 12-23-15, cert. ef. 1-1-16; Renumbered from 150-305.155(A), REV 48-2016, f. 8-13-16, cert. ef. 9/1/2016

Publications: Contact the Oregon Department of Revenue to learn how to obtain a copy of the publication referred to or incorporated by reference in this rule pursuant to ORS 183.360(2) and 183.355(1)(b).

Stat. Auth: ORS 305.100

Stats. Implemented: ORS 305.155