apartment building

Filing for bankruptcy can have significant impacts on the future of your finances. Depending on which chapter you file, this will remain on your credit report for at least seven years. As such, creditors will see this and it can impact your ability to take out loans or rent. The following blog explores what you must know about trying to rent an apartment following a bankruptcy case and how a Memphis, TN consumer bankruptcy lawyer can assist you during these challenging and confusing times.

If I File for Bankruptcy, Will I Be Able to Rent an Apartment?

Filing for bankruptcy will have a significant impact on your credit and ability to take out loans. In general, you can face challenges when finding somewhere to rent for at least two years following the filing. Additionally, if your case is still pending, you can face challenges securing housing.

However, if you are going through Chapter 7 bankruptcy, you may be able to show your landlord that debt incurred after the filing date will still be your responsibility to pay, meaning you will be personally liable for your rent payments. This may make them more likely to rent to you. Similarly, some landlords may be eager to rent to you, as they view your bankruptcy as wiping out debt, meaning you have more disposable income to put towards rent.

Is There Anything I Can Do to Help These Circumstances?

If you have a bankruptcy filing on your credit report, there are steps you can take to help improve your chances of renting an apartment. This includes talking to a potential landlord about the circumstances in which you filed, such as falling ill or injured and finding references who can help speak to your credibility and reliability. If possible, you may want to consider asking someone to cosign the apartment, but be wary that based on your history, you may not find someone willing.

One of the most critical things that landlords will consider is your employment history. If you’ve been at your current job for a while, are a full-time employee, and have short gaps in your employment history, a landlord may be willing to rent to you. However, you may have to show that your finances have remained stable or improved since your filing.

You can also show your landlord past renting records. If you did not break your lease and continued making your monthly rent payments on time despite your bankruptcy filing, they may be more willing to rent to you since you prioritized making rent payments.

At the Arnold Law Firm, our dedicated team understands how difficult dealing with the aftermath of bankruptcy can be. That’s why we prioritize helping you through these challenging times so you can focus on what matters most. Contact us today to learn how we can assist you during these complex legal matters.