Can a Cosigner for an Apartment Have a Bankruptcy?
Requesting that someone cosign on your apartment lease is a huge favor to ask, especially if the cosigner has gone through bankruptcy. In addition to issues of whether the cosigner's credit score will be strong enough to help you get approval from the landlord, cosigning may put stress on your relationship.
Cosigning
The purpose of having someone cosign an apartment lease is to reassure the landlord that he will receive the monthly rent payments if you don't have the credit history to prove you'll do so yourself. Landlords often require credit checks to learn how financially responsible you are. If previous landlords have reported delinquencies or if your credit score is weak, you may need to ask someone who has a better credit record to cosign on the lease. Doing so obligates the cosigner to pay your rent if you fail to do so.
Cosigning and Bankruptcy
Because the reason for cosigning is to prove that someone financially responsible will be available to take responsibility for your rent payments if you don't make them, the cosigner needs to have a good credit record. Recent bankruptcies may not appease landlords seeking reassurance that they will receive rent each month. However, if the cosigner filed for bankruptcy some time ago and has since rebuilt her credit profile and demonstrated a habit of sound money management, the landlord may accept the cosigner despite the bankruptcy. After seven years, a Chapter 13 bankruptcy falls off of your credit report, and after 10 years a Chapter 7 bankruptcy is dropped from your credit report. After that, the bankruptcy will not affect the cosigner's credit rating.
Warnings
Asking a friend or family member to cosign on your apartment lease can put a strain on your relationship. Because the cosigner must pay if you don't, the cosigner could take on an enormous financial burden if you fail to demonstrate financial responsibility. For a cosigner who has already filed for bankruptcy, taking on additional financial responsibility may put more pressure on the situation and on the relationship.
Alternatives
Explore other options for strengthening your rental application before choosing to use a cosigner -- particularly a cosigner who has already experienced a financial setback such as bankruptcy. Some landlords will accept a larger down payment or bank statements showing you have enough money to cover several months' rent.
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