We are filing bankruptcy due to high debt. We own our home which we are going to try to sell...if not, then we are going to do a short sale. We've NEVER been late on any payment (both mortgage or bills) but are struggling each month and it's ruining our lives. My question is, every one requires a credit check these days (to rent). How do we find a place to live? I want to keep my children enrolled in the school but the other alternative would be to separate living arrangements and move to our parents homes (I wont live with my in laws & my husband wont live with mine. We can rent a house for what an apartment goes for in another city. How do we get a landlord to look past the bankruptcy and see that before it, we made every payment on time (while struggling to do so). We could easily make the rent (minus all the extra debt we had).
2007-12-06 05:48:58 · 8 answers · asked by jinxies 2 in Business & Finance ➔ Renting & Real Estate
Save up extra money. Landlords will often overlook bad credit if you have a large deposit down and an extra month's rent thrown in.
2007-12-06 05:53:26 · answer #1 · answered by Tracker 6 · 0⤊ 0⤋
I agree with the others....try to find a place before filing. IT won't go on your credit report until after it's discharged...I think. If you were up to date on your bills, not late, etc, then you shouldn't have a problem getting an apartment. There are places that will rent to you even after a bankruptcy. Look at how many bankruptcies are filed each year....you don't see all those people homeless, do you?
Also, don't be so quick to rule out your in laws. I can understand that neither place is somewhere you want to be, but when file bankruptcy, sometimes, you have to sacrifice for awhile. I'm in that boat right now. I filed bankruptcy about a year and a half ago. You can't have your cake and eat it too sometimes. Bankruptcy is the last resort to financial problems and you can't always get what you want with it. Now, if there's abuse with the in laws, then that's another story then, but otherwise, you want to keep your kids where they are, etc. don't be so limiting.
2007-12-06 06:03:40 · answer #2 · answered by First Lady 7 · 0⤊ 0⤋
Show them statements that you did pay each and every account on time. You can explain your reason for filing bankruptcy. Some companies will look past this. Other companies will let you rent if you pay the first XX number of months in advance...when I got my first apartment we didn't have any credit, so we had to pay 3 months in advance. Comming up with that kind of money isn't easy, but it got us an apartment for the next two years.
Another way would be to apply for the apartment or house in advance, so that the bankruptcy won't show up. This way, you don't have to explain anything, and just list your estimated move in date so that you can be preapproved and won't have to mess with it.
2007-12-06 05:53:44 · answer #3 · answered by ALFimzadi 5 · 1⤊ 0⤋
I have been through this before. Start with trying to rent from an individual instead of a management company. Person to person most people understand financial problems we have all gone through.
As long as you have a stable job and income, there shouldn't be any problem. Just remember, you will propbably pay first months rent + Last Months rent and a deposit.
Good luck, and keep your spirits high. A lot of people have been in your shoes and have come back fine. I have.
2007-12-06 05:56:39 · answer #4 · answered by Grain And Grit 4 · 0⤊ 0⤋
If at all possible look for a place to rent before your bankruptcy court date. It will not show up on your credit report until after court.
If you can't find a place until after just be honest and ask them if your bankruptcy is going to cause a problem. It actually may not. I found that some places don't really care.
2007-12-06 05:56:29 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Try to rent from a private owner instead of a managment company. They will be more forgiving. Why do you need to sell your house though? It sounds like you're current on your mortgage. You're going to have to come up with a considerable amount of money for a security deposit if you decide to rent. I don't see how this will be cheaper than staying in your house.
2007-12-06 05:58:25 · answer #6 · answered by C B 2 · 0⤊ 0⤋
offer to pay the rent in cash 30 days in advance. have the landlord write that into the lease.
2007-12-06 05:59:24 · answer #7 · answered by DR V 5 · 0⤊ 0⤋
Many landlords will be willing to overlook the bankrupcy if you talk to them ahead of time. A little explanation before they run your credit report will help.
2007-12-06 05:57:26 · answer #8 · answered by Diane M 7 · 0⤊ 0⤋