Can I Rent a New Apartment Before Filing Bankruptcy?
Preparing for bankruptcy is a time of uncertainty, yet life goes on. You will find that the financial problems you are facing begin to hamper every aspect of your life. Making a major purchase can be difficult. Credit, if extended, will be at less than favorable rates, and something as commonplace as renting an apartment may be difficult with poor credit.
Preparing for Bankruptcy
If you need to get a new apartment before you file for bankruptcy, it is best to be honest with any prospective new landlords. You may find it difficult to deal with a large apartment complex managed by a large property management firm because they often require access to your credit report as part of their qualification process. In your pre-bankruptcy state of affairs, a poor credit report could make it difficult for you to be approved as a new tenant. You may find that owners of small apartment buildings or single-family homes may be more forgiving.
Present Your Case
Explain your financial situation to prospective landlords, being honest and forthright, and remind them that you will be in much better financial shape when your bankruptcy is discharged. You are not legally bound to make this disclosure, but should you run into difficulties, at least they will understand your situation. If you are having a tough time being accepted, offer to increase the security deposit if you can afford to do so. Select an apartment that fits your budget. Many people are in financial trouble because they are living beyond their means.
Staying Current
Stay current on your rent leading up to and during your bankruptcy so that you do not run the risk of accumulating additional debt from unpaid rent that will not be discharged from your filing. Once you have filed, assuming you are filing Chapter 7, you can stop payment to each of the creditors you listed. For most people who go through this process, this allows them a period of time to regroup financially.
After You File
If you chose not to talk about your financial situation with your new landlord before filing for bankruptcy, you should know that the court will not notify your landlord regarding your bankruptcy unless you have listed the landlord as a creditor. Bankruptcy is a public record, however, and it is possible that your landlord will discover that you have filed; but as long as your remain current on your rent, your landlord cannot evict you simply because you filed.
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