How to Rent a Home or Apartment After Bankruptcy

By: R. Lawrence Anderson
Submitted: 2007-01-17 16:10:25
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

If you are planning on renting a home or apartment and have a past bankruptcy, there are some things you should know.

First, you need to determine who you are planning to rent from - meaning a private party or a property management company.

Why does it matter? Because each one usually approaches the rental process very differently. If you don't know what their process is, you could end up being out $30-60 in credit report fees.

There are a number of strategies you can use to increase your chances of being approved for a home or apartment rental. I know, because I have used them when renting in the past - both from private parties and property management companies.

I'm not going to cover every single strategy here, as there isn't enough room, but here's one you can start with:

If you are applying for a rental with a property management company, find out what their rental criteria is. It sounds like common sense, but a lot of people submit a rental application, with a non-refundable credit report fee, only to be turned down because of their credit history.

Don't let this happen to you! If you know what the criteria is in advance, and you find out by asking, you will at least have an idea of whether or not you can qualify.

If you have a bankruptcy it doesn't necessarily mean you'll be declined. Much depends on the property management company's guidelines. For example, a property management company may still rent to you - but maybe they'll ask for a higher security deposit.

In After Bankruptcy Credit Solutions I go into more detail on specific strategies you can use to increase your chances of qualifying for an apartment or home rental.

I do not have enough room in this article to discuss strategies when it comes from renting from private parties. However, it can be a much different experience than renting from property management companies.

In my experience, private parties tend to be less rigid in their rental screening process. This means there are some things you should NOT do during the rental screening process - otherwise you could end up being turned down pretty quickly. But I'll save those for another article on renting after bankruptcy.

==============================

Copyright © 2005 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special,consequential, incidental or other damages, caused by the information contained herein.

==============================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. Renting after bankruptcy is also covered in detail.

Article source: Expert Articles

Most Recent Articles in Bankruptcy category

  • How to Avoid Bankruptcy - By: Justin Narin
    Bankruptcy offers some people a clean slate, it is by no means an easy solution. Bankruptcy will destroy your credit and may possibly force you to sell your assets. If you want to preserve your credit, you will be much better off if you do whatever you can to avoid bankruptcy.
  • Make Filing for Bankruptcy a Last Resort - By: Lee Bell
    There are 2 main types of bankruptcy. If you can't avoid bankruptcy, determine between Chapter 7 and Chapter 13.
  • Life after bankruptcy is not so difficult - By: Jason Holmes
    "Avoid bankruptcy" is the most common phrase; we come across in our everyday life. There are several disadvantages of bankruptcy. But if you are bankrupt, it is not very difficult to swim out of the situation.
  • Achieving Financial Security in an Unreliable Economy - By: Mohan Mittal
    Financial Security is a false concept that developed in American society based on the idea that security comes from the perceived reliability of a regular or planned paycheck. Many people, believing in the commitment of their corporations to their well-being, have found themselves downsized, layed-off, outsourced, transferred, or, in some cases, even fired. The immediate reality becomes harshly apparent and sadly disappointing.
  • Bankruptcy - Is it the Last Option Only? - By: Michael Killian
    Bankruptcy is available when all other debt payment measures have failed and the unpaid debt is simply beyond the means of the consumer to repay. It is essential, then, to understand debt options prior to bankruptcy and to determine which debt repayment method is the least detrimental. Additionally it is the law of the land that you know your debt repayment options prior to bankruptcy.
  • It’s Official; We Are Now A Bankrupt Society? - By: Stephen Morgan
    The Government’s Insolvency Service claimed that 27,644 people were either made bankrupt or entered into an Individual Voluntary Arrangement (IVA) as a way to control or manage their debts in an ordered fashion.It was too early obviously to know how big a percentage of those who entered into an IVA had it failed by their manager or supervisor but it has been claimed previously that in some cases up to 50/60 percent of those entering an IVA fail to complete it in an orderly manner and therefore find themselves being made forcibly bankrupt at a later date.The other key statistic was that insolvencies were apparently 55% higher than during the comparable period this time last year and the smart money (to spoil the metaphor) is on the figure topping the 100,000 mark for the year.
  • Considerations Before Filing Bankruptcy - By: Jon Arnold
    Financial difficulties can occur in anyone’s life. When you think financial difficulties are more than you can handle, don’t let bankruptcy become your first thought. Bankruptcy should be considered as a last resort, not just the first thing that pops into your head when the going gets tough.
  • People on Benefits No Longer Eligible for an IVA - By: Diana Middleton
    The BBC has reported that people on UK state benefits will no longer be given an option of taking out an IVA to help pay off their debts.In an IVA or Individual Voluntary Arrangement people negotiate a repayment plan with their creditors with an Insolvency Practitioner acting on their behalf. Up to 80% of their debt is written off and interest on debt is frozen.
  • How Do Bankruptcy Loans' Requirements Work? - By: Kate Ross
    Bankruptcy loan’s qualification is not an easy task. You need to overcome serious lender’s wariness about your ability and disposition for repaying the loan you are requesting. At this stage, you need to make no mistakes, your behavior has to be stainless and you need to show the lender that the past problems that led you to bankruptcy exist no more.
  • Bankruptcy Can Be Used As An Opportunity To Start Over And Reset Your Financial Goals - By: Jon Hansen
    Bankruptcy is the last resort that neither the borrower nor the creditor wishes to meet. The impact of this to both sides is negative and long-lasting. Once you are bankrupt, it will remain on your credit report for many years, making it difficult to get any loan, insurance, or a job.