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You can find an apartment to rent after bankruptcy

Uncertainty about the future is one reason that keeps people from filing for bankruptcy even though it makes sense in many situations. For example, a filing could wipe out medical debt, credit card debt, mortgage debt and more, and relieve stress.

However, if you worry about finding a place to live afterward, that could be stopping you. The good news is that there are ways to find an apartment after bankruptcy.

Start small

One big thing is to ensure that the apartment you end up in is truly affordable. You may need to downsize out of pure necessity or to save more money, but downsizing could still mean you land somewhere you cannot afford. So, check your numbers to see what is realistic.

Next, it often helps to focus your search on private owners instead of large apartment complexes. One exception may be near colleges and universities. Larger landlords there might be more willing to rent to people with shaky credit histories. No matter the type of landlord, explain your situation instead of trying to hide it. A credit check will lead to the truth anyway.

Show you are ready

If you come ready with a large deposit, that appeals to many private landlords. What is also appealing is a good rental track record if applicable. Perhaps your history of paying credit card debts and medical bills is so-so, but you always did well with paying rent or mortgages. Emphasize that.

Also, demonstrate that you have a steady income and can afford the rent along with your other financial obligations. As a general rule, try to spend no more than 30 percent of your pretax income on housing and its related expenses.

Scout out roommates

If finding an apartment on your own proves problematic either because you cannot get approval or you cannot afford it, it may be time to scout out roommates. Signing a lease with someone who has good credit can help you qualify for an apartment and keep your overall costs down.

 

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