CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Bankruptcy and Renting: What You Need to Know

Bankruptcy and Renting: What You Need to Know

House for rentRenting a home after bankruptcy

There are plenty of people who rent their homes. Many of them are faced with financial struggles significant enough to consider bankruptcy, so it’s no surprise many renters are curious how filing will affect their ability to rent. This is especially true because so much bankruptcy information focuses on having a mortgage and protecting your house, as opposed to renting your home.

What should you know about bankruptcy if you’re a renter?

Renting is an Option for those Who Have Filed for Bankruptcy

Let’s begin with a bit of good news: chances are filing for bankruptcy isn’t going to have a significant impact on your living situation if you rent. Nor is it likely to affect your ability to rent in the future, assuming your rental history has been good and you have a steady job.

As a matter of fact, renting becomes the default option for people who did have mortgages and had to make a change in their living arrangements due to bankruptcy.

Keep in mind, though you’ll likely be able to rent during and after your bankruptcy, you might be required to pay a larger amount for a security deposit or be required to submit more information to get lease approval. Landlords need to consider their risk and want to reduce the likelihood of renting to someone who will break their lease as much as possible.

Other things a landlord is likely to consider when determining if someone is worthy of lease approval include:

  • Timing of your bankruptcy: How long has it been since you filed?
  • Credit history since the bankruptcy: Having a strong credit history since you filed for bankruptcy plays a bigger role in lease approval than the bankruptcy itself.
  • Current income situation: Landlords want to see a steady income that shows you can afford to make your rent payments on time and still have disposable income to pay all of your other bills.
  • Reason for filing for bankruptcy: This is mostly a consideration for those who have recently filed for bankruptcy and if you want to expand on your reasons for filing when applying for a lease it can have an impact on approval. For instance, a landlord might be more likely to consider someone who filed for bankruptcy because of medical issues or a divorce because he or she understands the issue was beyond your control.

In most cases, people are surprised to learn how little filing for bankruptcy actually does affect their ability to rent.

To learn more about why you can be turned down for a rental lease, check out this information from NOLO.com.

Bankruptcy Can Improve Your Life

It’s a common myth that bankruptcy is going to ruin every aspect of your life. This just isn’t true.

Instead, many people find that finally filing for bankruptcy was what helped them get their lives back on track after struggling so long with money.

If renting a home is in your future, either as a direct result of your bankruptcy or just because circumstances have you moving into a new place, it’s important to be prepared. Your situation might be a bit more grueling after filing for bankruptcy, but chances are it will all work out.

For more information about renting and bankruptcy or if you have general questions about the bankruptcy process, contact the Law Office of Robert M. Geller at 813.254.5696 to schedule a consultation.

Tampa Bankruptcy Law Blog

Why Filing for Bankruptcy Can Be a Smart Decision

Bankruptcy can be a smart decision Everyone wants to be smart, right? They want to make the best choices and...
Read More
Will My Spending Be Monitored If I File for Bankruptcy?

Will My Spending Be Monitored If I File for Bankruptcy?

Bankruptcy and Spending Bankruptcy can offer many advantages, but it can also mean exposing your financial life to the world....
Read More

Buying a Home after Bankruptcy

Getting a Mortgage After Bankruptcy Many people assume buying a home after filing for bankruptcy is impossible. As a matter...
Read More

Bankruptcy Red Flags: How to Avoid Suspicion of Fraud When You File

Bankruptcy Fraud Red Flags Filing for bankruptcy is a complicated process. It’s possible to file on your own, but it...
Read More

Can Bankruptcy Help After a Creditor Has Filed a Lawsuit?

Bankruptcy Timing Timing in bankruptcy is very important. A bankruptcy attorney can help you determine the best time to file,...
Read More
Has Life Pushed You Into Bankruptcy? How to Make the Best of Your Situation

Has Life Pushed You Into Bankruptcy? How to Make the Best of Your Situation

How to make the best out of Bankrutpcy Some people find themselves in financial turmoil because of choices they’ve made....
Read More
Sneaky Ways Debt Collectors Try to Take Your Money after You File for Bankruptcy and How to Protect Yourself

Sneaky Ways Debt Collectors Try to Take Your Money after You File for Bankruptcy and How to Protect Yourself

Bankruptcy and Sneaky Debt Collectors Filing for bankruptcy triggers something known as the “automatic stay.” This is a legal term...
Read More
What is an Obligatory Debt and How Is It Affected by Bankruptcy?

What is an Obligatory Debt and How Is It Affected by Bankruptcy?

Obligatory Debts and Bankruptcy There are all different kinds of debts and all of them are affected differently when you...
Read More

Are You Too Old to File Bankruptcy? What Seniors Need to Know about Bankruptcy?

Filing for Bankruptcy in Old Age If you subscribe to the adage “you’re only as old as you feel,” chances...
Read More
How are Co-Signers Affected by Bankruptcy?

How are Co-Signers Affected by Bankruptcy?

Co-signers and Bankruptcy If you’re considering co-signing a loan for a friend or family member, or you have a loan...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018Robert Marc GellerReviewsout of 32 reviewsLEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online   Bankruptcy Courses   

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Law Office Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.