If you’ve had to file for bankruptcy at one point in your life, it means that you’ve had to deal with your fair share of stress. Unfortunately, this situation adds more challenge to an apartment-hunting process. Renting an apartment after filing bankruptcy can be extra difficult yet it is definitely possible. If you are in need of a place to live but concerned about how your bankruptcy will affect your apartment search, here are some helpful tips you could use to increase your chances.
Bank on your available income
A lot of creditors don’t always see bankruptcy in a negative light. In fact, many lenders and even credit card companies cater to borrowers who cleared their debt in bankruptcy. They think that it’s easier for people to pay dues if they are no longer burdened with debt. Many landlords think similarly. They are more interested in your ability to pay your rent than the fact that you have filed for bankruptcy.
Explain your situation to your potential landlord
Your potential landlord is going to find out that you filed for bankruptcy, so there’s no point in hiding the situation. To persuade them to give you a chance, simply explain that you’ve had financial difficulties in the past however you took necessary actions to get the issues fixed. Also present a proof of a steady monthly income and show how you have been responsible for handling your financial commitments. If you managed to improve your financial situation and paid your bills on time, your apartment search will a lot be easier.
Try to rent from a private property owner
Instead of opting for an apartment complex managed by a company with more stringent rules, it could be a better idea to rent from a private property owner instead. There are several websites you can check for private listings. You can even check in newspapers and around your neighborhood or the community where you will be moving.
Use your previous rental history
If this isn’t your first time to rent an apartment, you can make good use of your past rental history. This is something you can use to show that you are a responsible tenant and made sure to pay your monthly rent on time. Don’t forget to have this highlighted in your application and mention it during your interview with your potential landlord.
Offer a bigger security deposit
Coming out of bankruptcy could mean that you have less funds available. If you have managed to put together enough money in preparation for renting an apartment, then hopefully you can offer to pay a bigger amount for your deposit. Doing this could increase your chances of getting approved. So if your landlord asks one month security deposit, you may offer two months or more.
A list of references may also help you get your application approved faster. Create a list of people you know well who are willing to provide a reference for you. They can be your current or past employers, previous landlords, business associates, colleagues or even personal references. The more references you have, the better.
Look for apartments that don’t need credit checks
Some apartments don’t require credit checks. All you have to do is to conduct research. You can search online or check if there are “no credit check apartments” within your area. While this type of apartments exists, you may want to check these places in person and see if they are comfortable to live in. Do your inspections before you even apply.
Look for a co-signer for your lease
If you have tried all possible options but to no avail, you can look for someone to stand as a co-signer for your lease. This person should have a good credit standing. More importantly, you need to be very certain that you can keep up with your payments and be responsible with your dues.
Renting an apartment even after you filed bankruptcy should be possible with the help of these tips. If you are looking for a new place to move in, you may want to check our Williamsville, New York apartments.