Chapter 7 * cases starting at $1000 in attorney fees plus court filing fees of $338
Chapter 13 * cases starting at $750 down which includes the filing fees and then hourly work will be billed
* Please note that all cases require a full consultation before an individual attorney fee quote can be made

Chapter 7 * cases starting at $1000 in attorney fees plus court filing fees of $338
Chapter 13 * cases starting at $750 down which includes the filing fees and then hourly work will be billed
* Please note that all cases require a full consultation before an individual attorney fee quote can be made

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Steps to rebuild your financial life after Chapter 7 bankruptcy

On Behalf of | Jan 30, 2025 | Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy provides a fresh start, but rebuilding your financial life takes time and effort. After discharge, you must take specific steps to regain stability and improve your credit. Following a clear plan can help you move forward with confidence.

Review your credit report

After bankruptcy, check your credit report for accuracy. The three major credit bureaus—Experian, TransUnion, and Equifax—must report discharged debts correctly. Under the Fair Credit Reporting Act (FCRA), you can dispute any errors and request corrections. In Oregon, you can obtain one free credit report annually from each bureau through AnnualCreditReport.com.

Create a realistic budget

A solid budget helps you manage expenses and avoid future debt. List your income, essential expenses, and discretionary spending. Focus on necessities like rent, utilities, and food. Oregon offers financial literacy programs through nonprofit organizations that can assist with budgeting strategies.

Build an emergency fund

An emergency fund prevents future financial setbacks. Start small by saving a portion of each paycheck in a separate account. Many Oregon banks and credit unions offer savings accounts with low minimum balance requirements, making it easier to build financial security over time.

Use credit responsibly

Rebuilding credit requires responsible use. A secured credit card, which requires a deposit, can help improve your credit score. Make small purchases and pay the balance in full each month. Under Oregon law, lenders must disclose all fees and interest rates clearly, helping you choose the best option.

Avoid high-interest debt

Payday loans and high-interest credit cards can lead to financial trouble. Oregon has laws capping payday loan interest rates to prevent predatory lending. Consider alternative lending options such as credit unions or secured personal loans to build credit safely.

Establish positive financial habits

Timely bill payments, consistent saving, and careful credit use strengthen your financial future. Oregon State University and other institutions offer financial education workshops that can help you develop lasting habits for stability.

Moving forward with financial confidence

Rebuilding after Chapter 7 bankruptcy takes time, but staying proactive can improve your financial health. With smart money management, responsible credit use, and careful planning, you can build a secure financial future.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.