A person who has filed for bankruptcy might wonder whether they are eligible to rent an apartment. While the good news is yes, one can. But unfortunately, the credit report will show the bankruptcy to any landlord from whom one is willing to rent. This might make the landlord reluctant to offer their property for rent, but there are several factors that they might consider before denying or approving the request. Talk to an attorney to ensure the best way of renting an apartment after bankruptcy. Click here to know more.
Can One Rent An Apartment After Filing For Bankruptcy?
An essential aspect while renting an apartment is the credit history. As the bankruptcy filing record can persist on the credit history for a long period of seven to ten years, some people might assume that they will not be provided with an apartment on rent by any landlord. But this is entirely a misconception. As any landlord undoubtedly considers credit history, other factors influence the landlord’s decision. They are as follows:
- A steady source of income
- A sensible history of the employment
- One’s effort toward improving the credit history
- Fair references
Useful Tips That Will Help One To Rent After A Bankruptcy
Following a few useful tips will help one successfully rent an apartment after bankruptcy. Read Thoroughly to know them.
Consider Renting From A Private Owner:
If one is looking to rent an apartment after filing for bankruptcy, the best way to emerge successful is to avoid going to big companies, as the only thing they will be concerned with is their credit history. Therefore one can’t expect them to understand the unprecedented situation. Only a private owner might consider the tough situation and offer a chance.
Talk Openly About The Unprecedented Situation:
One must move ahead of the financial history presented on the paper and explain the situation that led to the decision to file bankruptcy. One must also support such an explanation with all the relevant evidence and proof of income and current employment.
Provide The Landlord With References And Past Records:
If one possesses a previous record of the payment of timely rent, one can use them to show that they are financially responsible and are trying hard to overcome such misfortune. If co-workers, family, or friends are ready to vouch, provide their references.
If one is concerned with the impact of bankruptcy on their family, one should consult an attorney as soon as possible to discuss all the legal implications and secure valuable advice.