Bankruptcy Law
Apartments and Home Rentals

If you just been dischared from bankrupcty and your househome was foreclosed upon will you be able to find a rental home for your family?

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Wiki User
02/28/2013

Almost certainly, visit a few rental places and ask. If you have a good job, most will rent to you, especially privately owned places. You may need more of a deposit and first and last month's rent.

A discharged bankrupcy is a good indication of the banckrupt's not being able to get out of debt for a very long time; this means that just about anybody with a job is a good purchase source.

You can rent; you can purchase, and you can be stuck with debt and never have a chance to get out of it... for a very long time. Bankruptcy is supposed to be an opportunity for a new start. It is. But you really got to think about it and what you did which was financially 'wrong'.

As a merchant, a rentor, or someone who gets money from you for something...the best customer, is a former bankrupt. They got no opions but to pay.

So, sure you can rent. You can buy more cars than you need. You can spend money like it's going out of style, and you will have to pay it back for at least 12 years or so.

(The number of years depends on the particular circumstances: which Chapter of the code and such....)

While I think much of the above is well founded...I must take extreme objection to the contention that anyone with a, especially recent, BK is every considered a good financial/credit risk. Simply the facts contradict it, (and see some of the s here for examples). There is nothing on your credit report that lowers your credit score as much...there is nothing else deemed important enough to prospective creditors that it is given an extra long time (10 years) of being reported and counted against the person in credit issues.

The idea that anyone with the lack of financial understanding, ever felt it was OK to not pay as agreed, then avoided making good by using BK (which really can be filed for in only a few years (chapter 13 = 3 yrs between...keep it open and wait out the time to chapter 7---and of course - just make empty promises and accumulate debt for the first few) again....and the person now has experience at not paying/delaying, etc), would ever be preferred (or even the same as) to someone who simply paid their loans/debts/obligations as they agreed, regardless of sacrifice....is wrong. It is the type of idea promoted by those selling programs (and frequently preying upon) those with financial troubles.

Yes you can rent (many landlords don't even run credit checks)....and you should rent what you can actually afford (you may want to get help on establishing what this is...because it means after considering and also saving for all those things - sickness, job loss/slowdown, car breaking, increase in $ of everything that actually do happen to people) ...and you should be prepared to prove that to a prospective landlord.