One of the many reasons people are scared of filing for bankruptcy is because they believe it will turn their life upside down. While it is true to some extent, filing for bankruptcy will make your life better than not filing if you are struggling to pay your bills. One of the things people are often concerned about is whether they can rent an apartment after bankruptcy. The answer is yes.
You need not worry about living on the streets after bankruptcy because it is certainly possible for you to rent an apartment. Fortunately, your landlord looks at various other factors other than your credit history when considering renting to you. Not all landlords are the same, and you may not be able to get a big or luxurious apartment. But renting a home is not impossible. Consult with an expert from the Benenati Law Firm.
Can you rent an apartment or house after filing for bankruptcy?
Most landlords look at your credit history before renting their property to you because it indicates how well you manage your money. Bankruptcy can severely impact your credit score and fill your history with repossessions, foreclosures, late payments, judgments, lawsuits, etc. All of this certainly does not look good or impress a landlord.
However, renting a home after bankruptcy is not impossible. A landlord may consider several other factors before accepting or rejecting your application. Here are some of them:
If you have enough disposable income to pay your rent, your landlord is less likely to reject your application. Showing evidence that you have enough earnings to pay for your rent, especially if your income has increased after bankruptcy, can make a good case. You can explain to your landlord that you experienced some financial difficulties in the past, but you are back on track now.
- Employment history.
A landlord may want to look at your employment history to check how long you have worked at your current workplace and whether your job is temporary or permanent since it may affect your ability to earn a stable income.
- Rental history.
Perhaps one of the most important considerations when it comes to renting a property to someone who has filed for bankruptcy is their rental history. Someone who has filed for bankruptcy but has a flawless rental history is more likely to get their application approved than someone who is financially stable but fails to pay rent on time.
If you have filed for bankruptcy due to financial problems, it is normal to be scared of the consequences. Having an attorney can reduce your worries.