As previously discussed, Oregon law now allows residents to choose between using the Oregon exemptions or the federal exemptions when filing a bankruptcy. In most situations, the federal exemptions are significantly better than the Oregon exemptions. Only if a debtor owns a house with significant equity will the Oregon exemptions be better for the debtor than the federal exemptions. If you had to pick the single federal exemption that will help the most people, it’s likely the wildcard exemption. That’s especially true for people who either don’t own their own home or don’t have any equity in their home.