A Chapter 7 bankruptcy filing may allow you to protect your home from foreclosure. However, if you do not have much home equity and you still struggle with staying up-to-date on your mortgage payments, then you may ultimately decide to sell it. This means that, once your bankruptcy proceedings conclude, you may seek a fresh start with an apartment rental. However, being approved for an apartment may be more challenging than you initially realize. Follow along to find out whether bankruptcy can affect your ability to rent an apartment and how a proficient Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can work to improve your chances.
Can bankruptcy affect my eligibility to rent an apartment?
Put simply, your filing for bankruptcy may be a major consideration that a landlord takes upon reviewing your apartment application. Of note, they may take your bankruptcy all the more seriously if you filed within the past two years.
What’s more, your credit history is a major contributing factor to a landlord’s decision. So, as you may already know, your bankruptcy filing may cause your credit score to take a serious hit. This is not to mention that your Chapter 7 bankruptcy will remain on your credit report for 10 years, while a Chapter 13 bankruptcy will remain for seven years.
What other factors might a landlord consider with my apartment application?
It is worth emphasizing that your history with bankruptcy may not automatically disqualify you from renting an apartment; it may just make it that much more difficult to be approved. This means that there are other aspects of your apartment application that you may capitalize on to improve your chances. They read as follows:
- You may prove to the landlord that you exceed the income requirements for the apartment rental.
- You may prove to the landlord that you have a significant amount of disposable income since your bankruptcy proceedings discharged some of your debts.
- You may prove to the landlord that you have a history of maintaining stable, permanent employment.
- You may prove to the landlord that you have been at your current job for an extensive period, even throughout your bankruptcy proceedings.
- You may prove to the landlord that you have never been late on your monthly payments for past apartment rentals.
- You may prove to the landlord that you have never been evicted from past apartment rentals.
- You may prove to the landlord that your bankruptcy proceedings have concluded and it is not an indication of your present financial status.
For these reasons alone, you must consult with a talented Rockland County bankruptcy attorney immediately. Our team at The Law Offices of Allen A. Kolber, Esq. is happy to advise you.
