Renting As A Tenant After Bankruptcy

Renting a house or apartment after your Chapter 7 or Chapter 13 bankruptcy filing is very concerning to many of my clients. Most landlords will run a credit check during the application process, and a bankruptcy may be considered a factor in deciding whether to rent to a prospective tenant. So what can you do to increase your chances of being approved?

First, be prepared to address the issue. How your application is handled will depend on the landlord. If you are dealing with a large apartment complex owned by a distant corporation, ask the manager about the rental process and whether your bankruptcy discharge will disqualify you. The company likely has a policy regarding applicants with bankruptcy on their credit report.

On the other hand, if you are dealing with an individual landlord, you may be able to discuss the circumstances surrounding your bankruptcy filing. An individual landlord will likely be more flexible and perhaps willing to overlook a bankruptcy filed to discharge overwhelming debt as a result of events outside of your control, such as medical debt, job loss, etc. Demonstrating stable employment, solid references, and a good history of rental payments can go a long way in off-setting the bankruptcy on your credit report.

Finally, money talks! Providing the requested security deposit and paying some rent in advance may enhance your chances of being approved. Even a complex with an inflexible policy may be able to make an exception when the tenant is able to pay in advance. The bottom line is that the landlord needs to believe that you will pay your rent on time. The more assurance you can give, the more likely your rental application will be approved.

If you need to discharge overwhelming debt, but worry about how the bankruptcy will affect your credit, your career, or your living situation, consult with one of our experienced bankruptcy attorneys and get the facts. The bankruptcy process is widely misunderstood. An experienced bankruptcy attorney can answer your questions so that you can make a wise decision regarding your debt issues.

Contact the experienced Chicago bankruptcy attorneys at Glanzer & Associates, P.C. at 1-312-644-2227 to discuss your specific situation, and to schedule your free, in-person consultation.