Renting An Apartment After Bankruptcy

Renting after you’ve filed for bankruptcy can be a huge headache. Many people will stay in bad housing situations after a bankruptcy just to avoid the inevitable headache of dealing with filling out applications at new complexes and anticipated rejections.

If you need to find an apartment and have a fairly recent bankruptcy, it isn’t the end of the world. Most places will work with you, provided you can offer a few basic things when you sign a new lease.
A cosigner

Many people tend to shy away from looking for a cosigner, but it’s unfortunately the one thing you can produce during the application process that will get you approved quickly.

If you have a recent bankruptcy, a family member or someone close to you with good credit will be of tremendous help. It may be difficult to ask someone close to you for help, but if you are both clear about the risks involved and a plan for prompt rent payment, you may be able to convince the complex to remove your cosigner after you pay rent on time for a while.
Proof of employment

In all likelihood, this isn’t just a suggestion – it’s a requirement. If you have a bankruptcy on file, you’ll need to show a leasing agent proof of income.

To demonstrate this, bring paystubs with you to your appointment. A letter stating the length of time you’ve worked at your job and any other important financial details may help if they come from your boss or your company’s HR. Make sure there is contact information on the letter, so the leasing agent can verify its contents.
The right attire

A simple statement can go a long way. If you have concerns about your financial background when trying to sign a new lease, dress professionally for your consultation. The way you are perceived by leasing agents or complex staff may have a lot to do with whether or not your rental application is accepted. It’s worth it to dress up for a few hours if doing so could make a little difference.
Honesty

Many potential renters lie on their rental applications about a bankruptcy, employment situation, or bad financial situation. Leasing agents will most likely check your background and run your credit before allowing you to move into an apartment complex, so hiding a bankruptcy won’t do you any good, In fact, hiding anything about yourself that a leasing agent could find out makes you seem disingenuous, and could naturally hurt your chances of getting into an apartment.
Bring references

A solid list of reliable people whom you have rented from or who have lived with you before will help build trust with you and your leasing agent, regardless of the length of that history. Be honest about the time you’ve spent in rentals and with whom, and bring a sheet with numbers of people who have rented to you before and can verify that you pay on time. The longer your history, the more positive the outcome will be.

If you’ve filed for bankruptcy and are looking to get into an apartment, don’t despair – plenty of people have made a move after a bankruptcy, and you can too.