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Rules of Leasing With Bankruptcy

Leasing with a bankruptcy in your past can prove challenging because some landlords are particular about tenants. They run credit checks, and if an applicant has a low credit score, payment problems or bankruptcy, these issues can stop an approval. But if you are looking for a rental after bankruptcy, it is possible to find a suitable and safe place to live. The key is knowing where to look and adhering to some basic guidelines.

Private Landlords

    Building and apartment managers may hesitate to approve your application with a bankruptcy on your record. Getting a rental with less-than-perfect credit is generally easier than financing a home. However, landlords establish the credit guidelines for their rentals; and if you file bankruptcy to eradicate your other debts, the landlord may view you as a risk and deny your application. Talk to apartment managers, but don't rule out private landlords, such as property owners seeking a tenant for a rental house. They might pay less attention to your credit history, and more attention to your present financial stability.

Cosigner for Lease

    Signing a new lease and having a cosigner on the agreement is another way to get your foot in the door. Understand the guidelines for using a cosigner. This person must have stellar credit to compensate for your previous bankruptcy. Additionally, he must understand his role in the agreement and willingly consent to assume financial responsibility for your lease if you can't pay the landlord.

Financial History

    Credit history isn't the only factor considered when leasing a rental. A bankruptcy may reduce your rental options, but if you can show evidence of adequate income, you can eventually find a place. Stating your income on an application isn't always enough to satisfy landlords. They need proof of your earnings, so show them copies of tax returns, paycheck stubs, bank deposit slips or list your employer's name and telephone number.

Power of Rental References

    A rental reference is a document prepared by former landlords that spotlights your good payment record. Filing bankruptcy doesn't indicate failure to make past rental payments. Some debtors can't pay their creditors, but stay current on house payments. Contact your previous landlords in advance and ask them to draft a letter on your behalf. Rental references provide information such as the dates that you occupied the rental, amount paid to the landlord and details on your payment habits.


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