Is a Lease Deposit Required for Residential Tenants With Chapter 7 Bankruptcy?
A history of bad credit makes potential creditors wonder if you will be able to pay your bills in the future, and a bankruptcy aggravates this concern. Since in a Chapter 7 bankruptcy you could lose your home, you may need to rent a place to live. With the disadvantage of the bankruptcy, you must take steps to prove to a potential landlord you are still able to pay rent, and a security deposit may be part of that proof.
Type of Landlord
The requirement for a deposit with a lease with a Chapter 7 bankruptcy varies depending on the type of landlord you are considering renting from. A large real estate holding company or corporation is more likely to have strict guidelines for minimum required credit scores and deposits on leases. You may be able to negotiate with an individual owning a few apartment units for a lower deposit more easily.
Size of Deposit
If a landlord refuses to rent to you because of credit issues or because you have filed for a Chapter 7 bankruptcy, you may be able to convince him to take a chance on renting to you by offering a larger deposit with your lease. A six month deposit should help convince a skeptical landlord that you will pay your rent. If a landlord requires a large deposit, negotiate a refund of some of that deposit after several months of prompt rent payments.
References
Provide the landlord with references establishing you are a good tenant to help lessen his demand for a large deposit . Get letters from former landlords verifying that you pay your rent on time and left the rental property clean and in good condition. Make sure these landlord references can be contacted to verify these statements. Give the landlord copies of rent receipts, and provide evidence of other on-time payments, such as your electric or cable bill, or a cell phone bill.
Co-signers
If you are a questionable risk to a landlord, and he does not want to take a chance renting to you, offer to have someone co-sign your lease. A co-signer guarantees you will pay your rent on time, or the co-signer will pay the rent themselves. The co-signer also is liable if you do not leave the apartment clean or you damage the property. If your co-signer has good credit, the landlord may not require a large deposit.
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