Many folks wonder how bankruptcy will affect them afterward. A big concern I hear a lot is whether my client will be able to rent a home or apartment after bankruptcy. I always tell them, yes you can, you just need to be aware of the factors that landlords look at. So, what do landlords look 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 you have a successful discharge of your Chapter 7 bankruptcy, you may be amazed what its like to finally be free from the constant debts you were forced to pay off--and now some of that money can go to rent.
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2. Credit history. Wait, I know what you’re thinking: Bankruptcy appears on my credit report and landlords won’t like that. Right? Not exactly. But, bankruptcy doesn't just show up on your credit report, you need to think about what your credit score looks like before you begin a bankruptcy. Until you file for bankruptcy and have a successful discharge, all of that unpaid debt is going to tank your credit score. After a bankruptcy, many of those debts no longer count against your total credit score, and you’re actually in a better position 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: talking to people who already know you. 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 are interested in finding out if you can rent after a bankruptcy. Will it surprise you if I tell you after all of this that it may actually 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!
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