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Buying a home after bankruptcy

On Behalf of | May 18, 2017 | Chapter 7

If you have recently filed Chapter 7 bankruptcy, you may feel as if renting a home in Oregon is your only option for the foreseeable future, even though eliminating your debt has put you in good financial shape again. However, you do not necessarily need to wait until the bankruptcy disappears from your credit report before a lender will consider you. At The Law Office of Kim Covington, our team has advised many people who are ready to get back on their feet after bankruptcy. explains that you may be able to find a seller who is willing to offer you a rent-to-own agreement. This type of purchase involves first paying a deposit. Then your monthly rent includes an amount that comes off of the home’s purchase price. The agreement specifies when the purchase option becomes available, and at that time, you will be able to buy the home. To cover the purchase price, you must either have the money to pay, or be able to find a lender that will give you a mortgage. Rebuilding your credit may help to make this possible.

Although a seller offering a rent-to-own agreement may advertise that a bankruptcy would not affect eligibility, you do not have to restrict yourself to those homes. If you find one that is within your budget, you may find that the seller is willing to consider you. If you do not mention the bankruptcy, and the seller runs a credit check, your failure to mention it may put you at a disadvantage, or disqualify you completely. More information about a new start through liquidation of debts is available on our web page.


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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 22 years.