Renting A Home Or Apartment After A Bankruptcy Filing

When you are trying to decide whether to file for consumer bankruptcy, you likely have a wide range of concerns that you are taking into consideration. If you are planning to move to a new place soon, whether in town or to a new city or state, you may be wondering if filing for bankruptcy will limit your ability to rent a home or apartment. Many people wrongly assume that filing for bankruptcy will prevent them from obtaining any kind of credit or qualifying for anything at all in the years following the bankruptcy case. For most bankruptcy filers, this is simply not the case. To be clear, while a bankruptcy filing will impact your credit and will remain on your credit for 10 years in most cases, you will not be limited financially for that entire time, as Credit Karma explains. In fact, most people begin rebuilding their credit immediately after a bankruptcy discharge, and some people can even be eligible to qualify for a mortgage within just a couple of years.

In short, you can rent a home or an apartment after a bankruptcy filing. Our West Palm Beach bankruptcy lawyers can give you more information.

Bankruptcy Will Not Prevent You from Rebuilding Your Credit 

In the immediate months after a bankruptcy filing, it may be more difficult to be approved for credit. In some cases, it may also be more difficult to get approved for a new rental house or apartment. However, this will not be the case for the entire time that the bankruptcy is on your credit report if you begin rebuilding your credit. Following your bankruptcy discharge, you will often be able to immediately apply for small amounts of credit and for a secured credit card to begin rebuilding your credit. As you show that you can use credit wisely and can pay off your debts each month, your credit score will improve. In a relatively short amount of time, your credit score may actually be higher than it was prior to your bankruptcy filing.

Landlords Will Consider Factors Beyond Your Credit Score 

Next, you should know that your credit score is not the only factor that landlords will take into account when deciding whether or not to rent to you. Landlords will also often consider your employment history, your income, and how you have been rebuilding your credit since your bankruptcy discharge.

Seek Advice from a Bankruptcy Attorney in West Palm Beach 

Are you considering bankruptcy in Florida but concerned about the implications of a discharge on your life after bankruptcy? There are many misconceptions out there about bankruptcy, and it is essential to keep in mind that it is a myth — and not a reality — that your financial future will be ruined or in distress for an extended period of time following a bankruptcy case. Rather, as we discussed above, many people who file for bankruptcy can almost immediately begin rebuilding their credit. One of the experienced West Palm Beach bankruptcy attorneys at Kelley Kaplan & Eller can provide you with more information today about personal bankruptcy and its implications. We know that debtors have concerns about financial issues and credit following bankruptcy, and we can help to reassure you that you will have options following your bankruptcy discharge.

Source:

creditkarma.com/advice/i/what-happens-when-you-file-for-bankruptcy