After filing for bankruptcy, you may be excited to make use of your financial fresh start. However, when you attempt to find an apartment or housing to rent, you’ll find that you may be continually denied applications. As such, you may feel as though you’ll never be able to reap the full benefits of this process. However, the following blog can help you learn the full impact that filing can have on your ability to find housing and the steps you can take with the assistance of Franklin County bankruptcy lawyers to assist you in these difficult matters.
Is It Possible to Rent After Bankruptcy?
When you file for bankruptcy, you essentially declare that you are unable to repay your debts. As such, this process can eliminate a number of eligible debts, but not without consequence. Typically, this process will appear on your credit report while drastically reducing your credit score. As such, many lenders will consider this a red flag, and you may be denied loans or only offered ones with extremely low credit limits and high interest rates.
The same can go for renting. A landlord may be hesitant to rent a unit or home to you because you’ve demonstrated in the past that you are unable to make these payments. Additionally, you should note that if you’ve only recently filed for Chapter 13, a landlord may be hesitant to rent to you, as you must have the new obligation approved by the court, which can be a lengthy process.
How Can I Improve My Chances of Approval?
If you need housing following your bankruptcy filing, it’s critical to understand the steps you can take to help improve your chances of being approved for an apartment. Generally, one of the most beneficial things you can do during this process is find a private owner looking to rent a unit. These individuals are generally more willing to listen to your circumstances than a property management company. As such, you may be able to explain that you only filed as a result of an accident or illness that left you with medical bills, while showcasing the progress you’ve made.
In addition, you can find a co-signer willing to help you secure an apartment or home to rent. This is generally a trusted friend or family member who has good credit. By co-signing, they are assuming responsibility for the payments in the event you do not adhere to the plan. While the responsibility of payments will fall on you, this can make a landlord more willing to rent to you, as they have a guarantor in the event you do not make a payment.
Bankruptcy is an ideal option for many struggling to manage their ever-growing debt, though the impacts it can have on your ability to secure loans and housing can be frustrating. However, there are steps you can take to reap the full benefits of this process, such as working with an experienced attorney with Cousino & Weinzimmer LLC. Our team will ensure that you can navigate this filing to see success for your future. Connect with our team today to learn more.
