Do Landlords Reject People Who Have Filed Bankruptcy?

A lot of people think that they arent going to be able to find a landlord who will rent to them if they have gone through a Chapter 7 bankruptcy

. But, thats really not the case at all. There are a lot of different factors that go into a landlords 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 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.

2. Credit history. Wait, I know what youre thinking: Bankruptcy appears on my credit report and landlords wont like that. Right? Not exactly. The thing you should know about bankruptcy isnt 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: 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 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. For many people, filing bankruptcy is the most financially responsible thing that they can doafter a job loss, medical emergency, or any other of a whole host of reasons that hard working people get put in a position where they are overwhelmed by debt. 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!

by: Jim Brown

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