Renting After Bankruptcy
Will I Be Able to Rent a Home After Bankruptcy?
A lot of people think that they aren’t going to be able to find a landlord who will rent to them if they have gone through a Chapter 7 bankruptcy. But, that’s really not the case at all. There are a lot of different factors that go into a landlord’s decision to rent to you or not. What is a land lord really looking for?
1. Income. Look at it from their perspective. Above all the landlord wants to know that you can pay them in full and on time. The first thing they are going to want to know is if you have a stable income that is enough to cover your rent. Most experts suggest trying to spend 30% or less of your income on rent. If your Chapter 7 bankruptcy is discharged, you will realize how much disposable income you actually do have to pay for things like rent when you aren’t being tied down to debt.
2. Credit history. Wait, I know what you’re thinking: Bankruptcy is going to show up on my credit history and a landlord is just going to throw away my application. Right? Not exactly. The thing you should know about bankruptcy isn’t just that it goes on your credit history, but what your credit report looked like before. Until you file for bankruptcy and have a successful discharge, all of that unpaid debt is going to tank your credit score. However, when your bankruptcy is complete, a lot of your previous debt isn’t going to count poorly against you anymore and you may actually be a better candidate to rent.
3. References. A landlord wants to know if you are going to be reliable. The best way to do that is old fashioned: asking people who know you personally. Try to talk to a former landlord who can vouch for you, or a superior at work, or even a coworker to put in a good word will help your apartment search.
You want to know if a bankruptcy is going to hurt your chances of renting an apartment. Does it sound crazy to say that a bankruptcy might really help you? A landlord just wants to know that you are going to be a responsible tenant. A lot of people find out that bankruptcy was the financially responsible decision that changed their lives for the better. A bankruptcy can give you a fresh start and you should probably be on your way to renting a house or apartment in no time at all!
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at http://www.castlelaw.net
Source: http://www.submityourarticle.com
Permalink: http://www.submityourarticle.com/a.php?a=119942
Wow, this is very fun to learn. Maybe you have considered submitting articles to magazines?