What Happens If I Sign a Contract But Can't Afford My Lease?
A home or apartment lease is a promise to pay a landlord or rental company for the privilege of occupying a house or apartment. Most home leases -- which are legally binding, court-enforceable contracts -- typically last for a period of nine months to one year, although some agreements can run for shorter or longer terms.
Background
Life situations, such as a medical emergency, hospital stay, theft, job loss, divorce or natural disaster, can leave you unable to come up with the money to pay your lease. Unfortunately, in such cases, the lease is still in effect, meaning you are still liable to pay the full amount to which you agreed. If you fail to make payments according to your lease agreement, your landlord can sue you in court to collect the money you owe him, plus consequential and punitive damages and legal fees.
Other Options
If you cannot afford to pay your rent, you may have other options. Several cities, towns and local areas have nonprofit programs that provide assistance to individuals who are unable to pay their rent due to unemployment, illness or other unavoidable reasons. Additionally, some leases allow you to "sublet," or assign, your lease to another person who will assume responsibility for the payments. Also, you may be able to negotiate a lease buyout with your landlord, in which you pay a portion of the amount you owe in exchange for the contract being terminated.
Bankruptcy
Another way to solve your rental problems is to file for Chapter 7 or 13 bankruptcy protection. Chapter 7 bankruptcy, sometimes called liquidation bankruptcy, will nullify your rental contract and discharge your debts. However, a bankruptcy trustee will sell your "nonessential" property -- such as televisions and secondary vehicles -- to pay your landlord, as well as any other creditors you owe. In contrast, Chapter 13 bankruptcy, sometimes called reorganization bankruptcy, will allow you to pay the amount you owe over a three- to five-year time frame.
Considerations
If you are unable to come up with a resolution for your rental situation, you may find yourself evicted from your home. In addition to leaving you homeless, an eviction will be reflected on your credit report and can prevent you from renting another home for years to come. Additionally, filing for bankruptcy will severely damage your credit profile, leaving your credit score damaged for seven to 10 years.
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