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My husband and I are filing a ch. 13 bankruptcy. We are interested in relocating closer to where we work but are worried we won’t be willing and able to rent another place once we file. We have perfect rental history for the past 4 years. may that count for anything?
Alfie 11:01 pm on February 9, 2010 Permalink |
You were given good advice that you should possibly search for an individual who is renting out a home rather than a larger property management company.
The difficulty you are going to have (other than you current credit rating) is that all unexpired leases must be reported to the bankruptcy court in your bankruptcy petition. If you move into a home today, sign a 12-month lease, and then go bankrupt tomorrow you have the option to either abandon the lease with no penalty or to continue the lease. The landlord would then also be forced with dealing with a tenant who is protected by the bankruptcy laws and the automatic stay.
If a landlord tries to evict someone who is protected by bankruptcy, it is much more complex and something that is not easily accomplished.
Another answer you’ve received actually made me laugh because of the absurdity of it. This person stated that she would rent to someone who had bad credit but not to someone who had filed bankruptcy. Having bad credit and doing nothing about it is far worse than filing bankruptcy. While bankruptcy may be the worst thing that can happen to you financially, you can bounce back from it. Bankruptcy is the responsible thing to do if there are no other choices. Bankruptcy will protect you from lawsuits, further collection activities, additional interest, and a lot of grief and worries. Just having bad credit and doing nothing about it is no protection at all.
Also, if the person in the second answer will rent to someone with bad credit and not to someone who is a former bankrupt person because she thinks the person with bad credit will pay, she is mistaken. People get bad credit for a reason – because they don’t pay!
John 4:17 am on February 11, 2010 Permalink
“If a landlord tries to evict someone who is protected by bankruptcy, it is much more complex and something that is not easily accomplished.”
I don’t understand this comment. An eviction is an eviction in the eyes of the law. Don’t pay rent, get kicked out! Nothing complex about that. Where the complexity would be is in suing them for the amount owed (good luck collecting it whether there is bankruptcy or not).
Remember that evictions are a matter of the act and monies owed are a civil matter.
Othniel 11:01 pm on February 9, 2010 Permalink |
Your perfect rental history is certainly in your favor. However, if you are filing for bankruptcy then I assume you have a lot of unhappy creditors and maybe a less than desirable credit report.
Knowledgeable property managers would probably not rent to you even if you haven’t filed for bankruptcy. Your credit history will speak volumes and I also understand that someone who files bankruptcy cannot be evicted as quickly as other tenants.
Your best bet is to avoid property management companies and real estate companies in looking for an apartment. Inexperienced property owners may not do a criminal background check or a credit check and so will be unaware of your financial challenges.
CA Bound 11:01 pm on February 9, 2010 Permalink |
IF you can find someone to rent to you, rent BEFORE you file! My parents had BAD credit but was told by the office manager she could rent to them with first last and security deposit, but would not be able to rent to them after they filed. God luck!
Also, I rent out rooms in my house and would not rent to someone who is or has gone bankrupt, I would fear they would never pay rent, but would work something out if they had bad credit.