Will I Be Able To Rent An Apartment If I File Bankruptcy?

The answer is yes. You may have to pay (instead of first and security) first, last, and security but rest assured, you will be able to rent. When I filed bankruptcy in 2008, that was one of my biggest concerns.

After going through a bankruptcy, you may wonder if the mark on your credit will prevent you from renting an apartment or purchasing a home.  I can tell you, that as an Orlando bankruptcy attorney and as someone who has walked in your shoes- having filed for bankruptcy myself, this can ultimately put you in a better place financially.

Before filing for bankruptcy, you probably had bills you were struggling to keep up with — credit cards, medical debt, personal loans, and more. With that weight now lifted, you will be in a better place financially. At the end of the day, your landlord cares most about whether you will be able to pay the rent every month and on time. You need to show that you are now in a stable financial situation, which can be done in several ways.

Here are some tips for renting an apartment post-bankruptcy.

Be Honest

You should assume that a landlord will do a search in your employment and credit history before renting to you. Your bankruptcy case is going to show up in that search, so it helps to be honest in the beginning. Everyone goes through hard times, and landlords are more likely to be sympathetic if you are honest than if you forget to include this important piece of information.

Keep in mind that a bankruptcy case does show some level of financial responsibility. A landlord would rather see a bankruptcy case in your history than a series of default judgments and collection actions against you. By filing for bankruptcy, you are showing that you are responsible enough to seek help when it is needed and successfully complete the process.

Consider Renting from a Private Property Owner

If you are trying to rent from a large chain, you may find that their hands are tied by corporate policies when it comes to what factors they must consider when approving an applicant. You may have better luck going through a private property management company, instead. Many will rent to you with no credit check required. Even if they do run a credit check, a private company may have more flexibility when it comes to their application requirements.

I would get a realtor. Realtors not only sell homes but find people places to rent.

Additional Factors

Credit history is not the only factor landlords look at when determining whether a person will be a good tenant.  Ultimately, your landlord cares most about whether you will be able to pay rent on time every month.  You will need to show that you are in a stable financial position. This can be done by producing paystubs and bank statements, along with your employment history.

If you have rented before and have a good payment history, provide a list of previous landlords and their contact information as references. That way your future landlord can confirm that you are a solid candidate for renting an apartment from those who have rented to you previously.

Other factors that may help you in the approval process is to provide a list of personal and professional references that the landlord can contact. The more positive information you can provide, the better your chances will be.

Another factor that can weigh in your favor has to do with how long ago you received your bankruptcy discharge. The more time that has passed, the less of a negative effect the case will have on your credit.

At our firm, we routinely are requested by clients to prepare letters for their prospective landlord AT NO COST. I know an attorney that charges $450 for that letter. That is not right.

If you have questions on this topic or are struggling with debt, call us today to schedule a free consultation. The Benenati Law Firm has eliminated nearly a billion dollars of debt for its bankruptcy clients, making the firm one of the top twenty filers of bankruptcy in the nation. We have helped thousands of individuals and families eliminate their debt and get a fresh start financially. The day you hire our firm, we will contact your creditors to stop the harassment and collection calls. We make our hours convenient for our clients and offer digital sign-ups and throughout the week until 6:00 p.m. If you are in a financial crisis and considering filing for bankruptcy, contact an experienced Orlando bankruptcy attorney who can advise you of all of your options.