Renting an apartment after bankruptcy can be a nerve-wracking experience. Understandably, almost all landlords check credit reports to make sure their tenants are going to make their rent each month. For those whose credit score is damaged by bankruptcy, this can mean getting rejected from a dream apartment. Luckily, no one has to be trapped in a suboptimal housing situation; there are options available.
Find the Right Place
When looking to rent, it’s important to find the place that fits the renter’s needs. That means finding a place that has a good location, enough space, and most importantly for anyone who has had to deal with bankruptcy, fits within the confines of your budget. Housing costs, which includes electricity, water, and more, should cost between 30 and 40% of your monthly income. Going over that can make it difficult to make other expenses such as food, transportation, and any acquired debt.
Keep it Honest
A rental applicant should never lie on his or her application or about their credit history. If the truth comes out before the application is finished, it will almost certainly result in an automatic rejection. If the truth comes out after the renter moves in, it can be grounds for invalidation of the rental contract and immediate eviction. Instead, any applicant with a bankruptcy in their past should be up front and honest about it. If they assure the landlord or rental company that the circumstances that led to the bankruptcy have been addressed and will not affect the landlord/lessee relationship, that honesty will demonstrate integrity and responsibility and could help ease the entire application process.
Working Men and Women
When a rental applicant has bad credit, proving that he or she can actually make the payments can be a necessity. As a result, when meeting with the landlord or rental company, the applicant should bring proof of income. This can be done with a pay stub or a reference from an employer, both of which should have contact information from the employer. The longer the relationship with the employer, the more reassurance this proof of income can provide.
A Little Help from Your Friends
Asking for help can be difficult for many, especially after the stress of a bankruptcy, but friends and family with good credit can help the housing applicant in a few ways. First, someone close to the applicant with exceptional credit can join as a cosigner for an apartment application. This can potentially put a strain on the relationship if the renter fails to make his or her payments and the cosigner has to pick up the slack, but it’s also the fastest way to an approved rent application. Also, friends and even former landlords can, and are often willing to, provide references for a dependable renter.
Bankruptcy does not have to confine an individual to suboptimal housing. The tips above can help anyone who has ever struggled with the burdens of bankruptcy find a place that suits their needs.
Related posts:
No Responses to Renting an Apartment after Bankruptcy
Add Your Own! Post a Question or Share your Experience.