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Rebuilding credit after filing for bankruptcy in Oregon

Many individuals in Oregon and elsewhere may have experienced financial struggles that prompted a need to pursue relief. However, with little to no experience in the area, some may be uncertain of the options available to them and how each option might affect their financial futures. Those who wish to pursue relief through bankruptcy could take comfort in knowing the steps they can take to begin rebuilding their credit after the process is finalized.

Perhaps the first step to knowing how to recover from bankruptcy is to gain an understanding of the process. Knowing what types of debt are eligible for discharge and how the process might affect one's assets can help a person prepare to make an informed decision. However, since this information may not be common knowledge, a person might find it beneficial to seek guidance before deciding on a path.

After filing for bankruptcy, a person may find it advisable to keep a constant watch over his or her credit score and ensure the information within is correct. Once the process is finalized, a person may be able to take steps to begin rebuilding his or her financial standing, such as opening a new credit account. However, after pursuing new lines of credit, it may be advisable to keep balances low and maintain a positive payment history.

While filing for bankruptcy can have an impact on a person's credit, for those who are constantly unable to keep up with financial obligations, it may be the healthiest financial decision one can make. Those who wish to protect their financial futures could speak with an experienced attorney for guidance on every aspect of the process. A bankruptcy attorney can assist a client in Oregon in pursuing relief from debts through the necessary outlets and provide guidance on how to regain control over his or her finances.

Source: thestreet.com, "Back on Track: Recovering From Bankruptcy", Brian O'connell, March 22, 2018

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